India’s retail segment is making progress like never before, aided by rapid urbanisation, digitisation, rising disposable incomes and lifestyle changes that are providing a big boost to the sector. Anarock Property Consultants see this segment growing to $1.3 trillion in 2020 from $672 billion in 2017.
The Indian retail market has witnessed some major changes during the last 20 years. It has transformed to large multiformat stores in malls offering a global experience and on to the highly tech-driven e-commerce model.
“High demand for a superior customer ‘experience,’ penetration of big brands into smaller towns and cities, enhancement in business strategies and operations, along with the movement from unorganised to organised business have been key factors driving this growth,” said Anuj Kejriwal, MD of Anarock.
It is hoped that mall revolution in India will go for next cycle of evolution as real estate developers learn through their experience to find more winning formulas for their malls and also as retailers get more into omni-channel selling.
The Indian mall story rocks because unlike 'couch potato' e-commerce shopping, malls offer an experience, a touch-and-feel benefit which online shopping cannot. Further, visiting a mall is sort of an outing for the family and friends and that too in an air-conditioned comfort.