For the demand of homogenous luxury floor space in India, such international standardized concepts need to evolve further. The thought process of developers catering to the conceptualization of luxury malls needs to be tad different from usual run-of-mill malls in the country.
The basic intention of coming up with such high-end malls, is to offer an ambience that resembles exclusivity to the core. These can be only achieved when these developers prioritize introducing high-end features in their place, and purge the mundane daily-used products.
The sudden boom in the popularity of such conceptualized malls has been apparent. The deep-end pockets of Indian Shoppers has enabled them to aspire with purchasing brands which could not have been affordable to them a couple of years back.
The level of awareness that the shoppers have attained recently is visible to an extent, that they have a clear-cut knowledge of the brands that are available in the market and the popular ones, which will give them a style quotient.
Also the introduction of various foreign companies has been encouraged by the leveraging of trade-regulations by the government.
Now, engaging in development of such conceptualized malls require them to be exposed and aware of the international standards that are mandatory in the success of such establishments, these are needed to accommodate and effectively provide international luxury brands, catering to the needs of the shoppers. Others will have to settle for the upper-end mass brands.
The principle factor may not primarily comprise of showcasing lavishness, but it heeds alteration. What also matters is the level of endurance these brands require, as the demand for luxury brands at this point of time, will reach its favourable magnitude within next 5 years or so.
The format of luxury malls are not rigid, though the standards of floor-space and security must be of high-class compared to that of the ones provided in sub-standard mall. Luxury mall needs to cater to the challenges of providing competitive atmosphere, for brands catering to their affluent buyers. It needs to provide the opening that can effectively satisfy the needs of the shoppers in a unique way. Such characteristics are hard to acquire, but their achievement can be undertaken by combining the concepts of human psychology, aesthetics and marketing strategy.
Positioning of Malls
The aspect of localization of such high-end luxury malls needs to be given due consideration. It should be away from unpleasant environment such as slums. The pathway to the mall should be approachable, with ample parking space.
Centralized locating of the malls is not of prime concern to the affluent buyers as, they do not loath in travelling the extra mile to reach an exclusive shopping destination. But that does not mean that you can position the malls at location of your choice, because in the end it’s the shoppers, who you are catering to. Primarily, they should be stationed where you have an access to a catchment with concentration of niche-class buyers.
Luxury Malls > Five Star Hotels?
The shoppers prefer experience with quality ambience, high-infrastructural facilities; all this at a realistic price. One of the reasons why the luxury malls will not be threatened by any means from the Five-Star hotels. The possible shoppers that the 5-Star hotels cater to are foreigners, who out of all comprise of minute 1% shoppers, who reside in such hotels, who resort to last-minute impulse buys. But there is a definite case to change this mindset. These hotels already have fine dining and ambience in place.
Luxury malls are specifically established for the sole of reason of engaging in retail-shopping of high-end products, that results in higher rental costs, which invariably results in higher brand prices.
Change in the mindset of developers is apparent, as they need to look into their own investment figures, also analyze the feasibility of such large and high-end establishments.