What malls can expect from retailers is a creative mix of unique products that caters to the catchment says Suman Lahiri, COO, Mall Management division of G Corp Developers Pvt Ltd.
What malls can expect from retailers is a creative mix of unique products that caters to the catchment says Suman Lahiri, COO, Mall Management division of G Corp Developers Pvt Ltd. Suman details out the elements that make a mall successful.
According to you, what kind of malls are performing well in India and why is there a growing number of non-performing malls in the country?
Malls are all about convenience, experience, brand mix, hygiene and safety with demography being the key. The malls that have got the above right are doing well.
What model of operation haveyou adopted in your mall?
We have a mix of all the above models. It is crucial to have various models to make the malls successful. At 1 MG Road, we have adopted Company Owned Company Operated/Franchise Owned Franchise Operated (FOFO) Company Owned Franchise Operated (COFO) model.
How do you think the mall retailing pattern has changed over the years and what are the five key changes you have observed?
Mall retailing has evolved over the years in India from shopping to creatively experiential shopping. The five essential changes observed are:
The malls over the years has not only been selling products and services, but also providing shoppers an experience of these products in the form of makeovers, fashion shows, chef studios thus highlighting and boosting the various categories in the mall.
The quality of staffing and use of technology has improved over the years enhancing the shopping experience.
Giving value to the shoppers through offers and gratification, helping retain existing shoppers and attracting new ones.
Retailers have moved to a pricing strategy targeting aspirational shoppers.
Adopting eco friendly practices.
What kind of new retail projectsare you coming up next?
G CORP has five completed retail projects along with quality residential developments throughout the country. Currently, G CORP is looking out for prospective locations that meets the stringent norms of providing the right mix to the shoppers with respect to convenience, experience and brand mix. Once we zero on the suitable location catering to above parameters, we will look at further retail developments.