CITY CENTRE MALL, SAMBALPUR
City Centre Mall is a five-storied shopping mall complex located in Bhubaneswar. Spread over a floor area of a 1,20,000 sq. ft, the mall opened to the public in 2012 and is the largest mall in Sambalpur. It houses approximately 50 outlets, including cafeterias, food courts, restaurants, multiplex, parking space and a hypermarket. Kanwar Sanjay Kumar, Partner,
City Centre Mall, Sambalpur talks about how malls are changing the fortunes of Odisha’s retail market.
How are malls changing the retail landscape of Odisha?
Accounting for over 10 percent of the country’s GDP and around eight percent of the employment retailing in India is gradually inching its way toward becoming the next boom industry. Today, the largest firm is not a manufacturing organisation; rather it is a retail firm. The mall industry in Odisha owes its growth to various factors:
Product Features: It includes brands and flavours focusing on customer’s global taste. To generate a retail market that provides uniqueness in the product. The quality of the product is another critical factor in making the retail market successful.
Revenue Collections: For a good revenue collection, retail stores need to have an access of good location having potential to generate the right clientele. The idea should be to maintain a spacious and well planned architecture. Thus, location and business at retail markets are needed in equal proportion.
Understanding the need and problems of the consumers and to provide favourable customer experience to make the shopping experience seamless. The target customer can be segmented into hard loyal, shifters and nascent customer. A good CRM should be maintained to retain them. Pricing Policy: Retail stores usually apply various pricing strategies like discounts on the printed MRP for they want to offer the best / optimal assortment of goods and services to attract customers.
What are the challenges and bottlenecks which the industry is going through? How do you think to overcome it?
Despite the structural challenges and bureaucratic bottlenecks that the Indian retail market suffers from, global retailers have been queuing up to enter and establish their footprint in the market, as they are aware of its potential growth opportunities. Growth has almost plateaued in most developed markets, providing little room for retailers to drive their business expansion amid growing competition across segments. The Indian market being largely underpenetrated, offers significant opportunity for growth – especially in segments such as F&B, fashion apparel, and luxury goods – due to factors such as an expanding middle class, rising disposable incomes, and a growing appetite for international quality goods and services among Indian consumers.
The Indian market, however, continues to face significant challenges to growth in the form of inadequate quality retail real estate space, restrictive legislation policies, MRP constraints, FDI norms and othetr infrastructure bottlenecks. These challenges tend to impede India’s retail story, and restrict the market from attaining its true potential.
Tell us about your marketing and digital strategy?
Obtaining new customers is what keeps every business alive. To achieve this, numerous techniques exist whose effectiveness heavily depends on implementing them strategically. The best methods on how to attract customers and get the most out of it are as follows; Respond to the concerns of the public for latest products and information, ability to offer and feedback. Take advantage of personalised audiences of Digital media including Facebook, Google+, Instagram etc. Implement email marketing campaigns. Use contest and discounts to gain clients and use of brand ambassadors.
How are you integrating digital and social media to the overall mall experience?
We have a 3 Step Social Media Adoption Plan. First we devise an appropriate, tacticallyagnostic social media strategy , secondly we audit our current marketing and add social media ingredients and thirdly we add new social media programs where necessary.
Is there a need of smart malls in Odisha?
The future of retail is Omnichannel. The trend towards an Omnichannel strategy will certainly enable us to grow in the business. It will tap the best of both worlds and maximise on footfalls in the mall. We are working towards becoming the smartest mall in Odisha.
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