THE ART OF CREATING A SHOPPING DESTINATION
Building a shopping mall is an easy job, but creating a shopping destination which delights the shoppers is an art. There are many malls mushrooming across India but only a few are successful. The reason is lack of knowledge or experience in transforming the mall into a shopper’s paradise. Roma Ventures is a professional leasing consultancy ¾rm based at New Delhi and managed by Gopal K Rathor. Roma Ventures recently entered into retail by joining hands with premium men’s footwear brand CLOG London to expand its foot print. Building a shopping mall is an easy job, but creating a shopping destination which delights the shoppers is an art. There are many malls mushrooming across India but only few are successful. Reason is lack of knowledge or experience in transforming the mall into a shopper’s paradise. Malls which are successful are unable to face competition once new mall comes up nearby. New developers venturing into this ¾eld must seek professional guidance from consultants who have been instrumental in leasing and managing of many successful malls. Gopal K Rathor who is heading Roma Ventures is a professional who provides the expert guidance to create a successful shopping destination. “A successful mall should have mix of entertainment, kids play area, shopping, F&B and hospitality with proper ambience to make a strong impact on a shopper’s mind. The mall itself must offer a complete array of services and facilities for all age groups under one roof to ensure repeat visits. All these can be planned successfully on basis of lots of factors which a specialist can guide.” said Rathor. Nowadays; Tier II and III cities are experiencing the retail boom. New shopping destinations are coming up at these cities. Developers are also focusing on managing the malls and are hiring professional agencies to do so. Due to it the malls in such cities are doing great business and retailers also reap the benefits. Real Estate plays a very important part in creating a shopping destination. Controlling the real estate factor in retail is very important as it is the highest overhead in a retail store. Retail industry is growing at a phenomenal pace and we are yet to see lots of changes in retail and real estate sector. Future of retail is bright in India due to high spending power of consumers and strong economy. All international brands are eyeing to enter India and grasp the opportunity. The next 5 years will see a vast growth in India’s shopping centers. India is having great potential in retail which was focused entirely on metro cities. Now the tier II and tier III cities are going to emerge as lucrative markets with brands racing to tap into their potential. Some brands are already reaping the early bird benefits due to their presence in high street market of these cities. This will enable the transformation of India as a major retail destination.