How Noida is an upcoming retail destination?
From less than 5 malls in 2001-02 to more than 600 in 2018, the journey of retail real estate has been quite exciting so far.BY Shipra Srivastava | Jan 11, 2019 | comments ( 0 ) |
Adjacent to capital city New Delhi, Noida is an emerging destination for fashion and lifestyle. Noida city dwellers are known for their flamboyant taste, be it fashion or food. This suburban city of national capital has the magical to charm attract national and international shoppers alike.
Due to constant enamored with fashion and glamour, Noida is already become a home to stalwarts of retail. Thereby, city is in the process of developing world class infrastructure to accommodate the best retail of the world. To tap the potential, Wave Group is coming up with high-end retail destination which vouched to offer 8 lac sq.ft of dedicated shopping area. This premium shopping arcade of the mall has been built with great attention to detail. Setting apart from conventional mall shops, mall is creating highly empirical areas where consumers will be immersed in different activities and not just ‘Shopping’.
With the reference to Cushman & Wakefield data, retailers including Hamleys, Pierre Cardin, Apple (flagship franchise-run store), Mumuso and Guess are planning to expand their physical footprint in Delhi NCR in the next few quarters. Hence, there would be humongous demand for quality retail spaces in this demographic.
From less than 5 malls in 2001-02 to more than 600 in 2018, the journey of retail real estate has been quite exciting so far. However, with the advent of ecommerce in India, India has witnessed a drastic shift in shopping habits. For Indian consumers, a mouse- click seem to be sufficient to buy everything be it fashion, food, electronics and almost everything else. This transition has posed a threat for brick and mortar retailer and the shopping malls were the hardest hit. Until few years back, there was prevailing fear that shopping malls may completely run out of business. However, that has not been happen yet and will not happen in future also.
In fact, Indian retail real estate segment is going through a visible ‘Resurgence’ phase due to many propelling factors such as favourable FDI policies, deeper penetration of global brands and globetrotter consumers. However, there were many malls which did not work out, primarily, they were badly-conceived and executed. Mall developers are figuring out new winning formulas to lure new age tech savvy shoppers.
Wave group has understood that just relying on the traditional methods is not sufficient enough. Modern developers need to focus on developing multichannel selling. With Wave HSSC they have pioneered a new kind of retail concept called as Retail Real Estate 3.0. In fact, they are also hosting a seminar on this theme on 25th January 2019. The knowledge conference is an endeavour to shed light on all key areas overall mall functionality to benefit all stakeholders including themselves, retailers and investors. The conference will be addressed by retail veterans.
This knowledge seminar is expected to attend by over 500 potential investors, retail professionals from brick and mortar as well as online and business development managers across the verticals. The event is vouched to offer unparallel learning experience along with creating new business avenues. Also, the attendees are assured to get remedial measures on import issues which effects retail real estate and way forward.
We are anticipating for your kind presence to make the event even bigger!
We do hope that you will be able to confirm your attendance to this invitation before 25th January. 2019.
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