Lux­ury Malls in In­dia: The Des­ti­na­tion for New Age Shop­pers

With the in­creas­ing spend­ing power – ow­ing largely to an in­crease in dis­pos­able in­come – the mod­ern shopper is pro­gres­sively ex­per­i­ment­ing with taste and re­quire­ments. This change in be­hav­ior and evolv­ing pur­chas­ing habits of the younger gen­er­a­tion global

Shopping Center News - - CONTENTS - – By IM­AGES Re­tail Bureau

In­dian malls have cracked the ‘how to at­tract the cus­tomer’ code. They have trans­formed into fam­ily en­ter­tain­ment cen­tres, pro­vid­ing shop­pers with the best of in re­tail, fun and food. They have mor­phed into theme malls, of­fer­ing invit­ing and in­trigu­ing ex­pe­ri­ences to draw peo­ple in. In this era of bur­geon­ing e-com­merce re­tail, malls are rein­vent­ing the phys­i­cal ex­pe­ri­ence, and shop­pers are spend­ing long hours in these malls to eat, shop and be en­ter­tained.

With the in­creas­ing spend­ing power– ow­ing largely to an in­crease in dis­pos­able in­come –the mod­ern shopper is pro­gres­sively ex­per­i­ment­ing with taste and re­quire­ments. This change in be­hav­ior and evolv­ing pur­chas­ing habits of the younger gen­er­a­tion glob­ally has led to a dis­rup­tion in the way malls op­er­ate.

“The man­i­fes­ta­tion of so­cial me­dia, rise of emerg­ing mar­kets, sprout­ing as­pi­ra­tional youth and a grow­ing sense of ‘brand-con­scious­ness’ are pro­pel­ling the wheel of growth of lux­ury sec­tor in In­dia. Con­sumers are be­com­ing aware – and vo­cal – about their life­style, and looks, and are bold enough to ex­per­i­ment with dif­fer­ent fash­ions, sil­hou­ettes, colour and ͤts,” writes Prem De­wan, Re­tail Head, OSL Lux­ury Col­lec­tions Pvt Ltd-Cor­neliani.

“Their shop­ping pref­er­ences are no longer de­pen­dent on

ͤt or colour of the prod­uct; they ex­pect an ex­pe­ri­ence at the bou­tiques. Also, there is a wider tar­get au­di­ence re­sid­ing in Tier II and III cities that have the propen­sity to buy lux­ury goods and are emerg­ing as new reser­voirs of lux­ury spend­ing,” he goes to say.

Try­ing to cater to the as­pi­ra­tional con­sumer, malls are in­creas­ingly in­tro­duc­ing bridgeto-lux­ury and lux­ury brands in In­dia. Mall own­ers – quick to identify an op­por­tu­nity in lux­ury re­tail – started go­ing the whole hog in their ef­forts to in­crease foot­falls by launch­ing full-scale lux­ury malls.

2008 saw the launch of In­dia’s ͤrst two lux­ury malls – DLF Em­po­rio in Delhi and UB City in Ben­galuru. The move was wel­comed by lux­ury re­tail­ers, giv­ing them the right space to set up shop and the per­fect clien­tele to cater to. And al­though the growth has been slow, with lux­ury oc­cu­py­ing just a frac­tion of re­tail space in In­dia, malls are tak­ing the cat­e­gory se­ri­ously.

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