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
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.