EMOTIONAL CONNECTION
There are two sectors that particularly pique his interest—retail and resorts. “Within the real estate space over the next five years, I see opportunities in the retail sector. In Asia and globally, retail is going through a transformation with e-commerce and the way people shop. Mall owners are going through a bit of an identity crisis, and malls currently are not curated to be relevant to this new environment that we live in today,” he says. “The value of retail real estate has become a lot more realistic today and there’ll be more interesting opportunities in this space for groups like us to acquire, and reinvent this traditional sector.” And what would a relevant retail experience look like? For Kishin, there definitely needs to be a convergence of entertainment and technology. “It’s not just about someone coming to a store to buy a product. How do I create an experience for my customer? How do I embrace technology while I do that? That’s the future of retail.” He is well aware that retail players have been experimenting with different forms of innovation, but rightly points out: “There hasn’t been a formula for success. I see that gap in terms of a retail experience that makes consumers feel excitement and an emotional connection.” As for resorts, he is looking specifically at the ultra-luxury segment. “There are very few brands today that are able to excite travellers looking for that ultra-luxury experience. That’s another opportunity,” he believes. “Because of the recent consolidation of hospitality management companies, we don’t have many brands with that ultra-luxury soul today that can offer something unique. Most hotel brands in that segment are part of large corporate chains, and they feel that way. When people travel now, they want an experience. They’re not looking for standardised luxury, they’re looking for that journey that’ll get them out of their daily lives and comfort zones. Few brands are able to understand how to curate that experience, that sense of escape. I think on a global basis, there’s a gap in that space.” Kishin gives the impression of someone who chooses his words with great deliberation, and there are more recurring magic words within these assessments— curate, experience, crisis, gap and, above all, opportunity. These words, too, resonate across the world today, serving as touchstones for those who know they are living the transition between old ways and emerging ones, and betting they can create brave new worlds attuned to these interesting times.