The Oberoi Mall is located at Goregaon (East), Mumbai, on the Western Express Highway and offers almost 5.52 lakh square feet of fashion, food and leisure, and has occupied a significant position in the minds of customers and retailers.
By reflecting and enabling customers' lifestyles and delivering affordable luxury with a 'customer first' philosophy, the Mall has distinguished itself as something truly special on the retail landscape. Pioneered by the real estate development company, Oberoi Realty Ltd, Oberoi Mall has found a unique niche amongst quality-conscious and discerning customers as it offers facilities that include two levels of the basement with a parking capacity for approximately 1,000 cars, a large central atrium with natural light, elevators and escalators for internal circulation, central air-conditioning, and an integrated building management system.
Changing Consumer Behavior
Consumer behavior in the last few years has been reset as today, the consumer is well educated and well informed and is clear about their needs and wants.
According to Sameep Pathak, CEO-Malls, Oberoi Realty, customers prefer convenience and also want to be pampered. “They want a one-stop solution with respect to their shopping needs and so on. An experience in all of the above, and it is what the consumer appreciates,” said Pathak.
The need is for a new physical retail experience that incorporates the digital advantages, which consumers have grown accustomed and is is growing after over two years of integrating e-commerce into their purchasing habits.
This entails designing a quicker, rewarding, and more enjoyable consumer journey through the store. It's about giving customers the right information using apps, QR codes, AR & VR, and other digital technology so that in-store purchasing experiences may be as exciting and practical as those offered online.
“We anticipate that more consumers will shop in-store in 2023 than they did in 2022. The chance to examine and choose things in person and utilizing the knowledge of sales staff are only two of the numerous factors driving this comeback to physical stores,” stated Pathak.
In addition, as people return to their offices, attend events, and began traveling once again, there is an increase in demand for fashion, especially premium fashion. The best-performing categories last year for women were ready-to-wear, particularly dresses, and accessories, while for men it was formal wear.
In today’s dynamic Indian retail sector, there is rising demand for every segment, based on the company’s observation and the numbers for Food & Beverage, Family Entertainment Centre, and Beauty & Accessories are the fast-moving categories at Oberoi Mall.
“With a higher chunk of the population giving in to the desire to shop from brick-and-mortar stores and dine-out, awareness about products, latest trends, and the segment amongst the audience is rising. Both male and female consumers are showing an increase in demand for beauty and grooming products. The male beauty and grooming category have grown exponentially by 33 percent,” asserted Pathak.
Additionally, categories such as accessories, watches, footwear, and eyewear have performed better, aiding the highest consumption in the month of October, since inception.
Introduction of New Stores and Brands
With the constantly evolving consumer buying behavior that makes them shift towards convenient, authentic, and innovative brand experiences, Oberoi Mall has a tenant portfolio that is expedient for consumers, and caters to all age groups.
In line with this, the most recent opening of Levi's store offers a distinctive tailor shop and is one of the biggest stores opened in a mall space in India.
“We have added The Souled Store, Forevermark, Bluestone, GKB Opticals, and a few Food & Beverage companies including Pizza Express and Cococart to our lineup of lifestyle brands. In the Beauty space, we launched SS Beauty by Shoppers Stop, and we are looking forward to adding some global brands to house at Oberoi Mall, Goregaon,” said Pathak
To complement its brand mix, the Mall has added Timezone and Play N Learn in the Family Entertainment Centre section, which has received an overwhelming response. Moreover, Oberoi Mall will also be adding more than 20 to 25 global and national brands to its current brand mix.
Eco-Friendly and Sustainable Practices
With sustainable and environmentally-friendly products and services becoming increasingly popular among consumers, it is becoming more and more ingrained in several parts of retail, from apparel and accessories, to food and the overall mall experience.
In line with that, Oberoi Mall has received a LEED Platinum certification from the U.S. Green Building Council (USGBC) for its status as a retail destination. The mall is also the first retail shopping mall in India to achieve LEED Platinum certification, the next-generation standard for green building design, construction, operations, and performance.
“Our mall is meticulously planned with superb design aesthetics to produce a classy and high-quality shopping experience. En route to achieving its LEED Platinum certification, the mall had made conscious efforts to reduce its water consumption through consistent consumption monitoring and wastewater treatment, and other initiatives such as organic waste compost manure, which is further distributed free of cost to interested customers,” said Sameep Pathak.
Furthermore, the mall has installed energy-efficient LED lights with sensors to ensure energy conservation and reduce its carbon footprint. It also offers an EV charging facility that contributes to reducing carbon footprint while enabling consumers to visit the mall in their electric vehicles.
In India, shopping malls have undergone a significant shift from being mere shopping destinations to experience zones. Malls have transformed into unique locations that can serve various generations of families, friends, and colleagues.
“The mall landscape as a whole has evolved. These malls are no longer merely places for shopping; instead, people visit them to relax, socialize, and chill out. We have noticed that more and more people are choosing malls as places to unwind. Today, malls have become a one-stop-shop where you can come, park your car, catch up with friends, watch a film, and dine. Malls are thus performing a crucial role that goes beyond simple retail,” commented Pathak.
Oberoi Mall also has cafes sprawled across the floors that meet the demands of its customers in terms of entertainment, recreation, and food & beverage, as well as co-working and co-relaxing.
The Mall also has one of the most loved Family Entertainment Centers – called Timezone and Play N Learn, the family entertainment center and F&B space, which comprises about 25 percent of the mall's total area.
However, the anchor brands take up about 35 percent of the space, offering an assortment of anchor brands including Zara, Marks & Spencer, Lifestyle, Sephora, PVR Icon, etc.
Future of Malls
“We see a sharp growth in the mall retail segment going forward. Malls are no longer just destinations for shopping, because of shifting consumer dynamics and tastes, they have developed into social hubs where people hang out and have wholesome experiences. To meet these expectations, the malls' overall product selections have altered, which will undoubtedly increase mall retail's popularity and future growth,” commented Pathak.
With malls synchronizing with the needs of their customers by providing constant engagement, activities, and niche campaigns to cater to target audience, growth seems inevitable.
Pathak further added that Oberoi Mall will soon be opening a million-square-foot mall in 2023. The same being an integrated development coming up at Borivali East on the Western Express Highway and consisting of residential towers, a 5-star hotel, and the mall.
“This will be our second retail asset for Oberoi Realty after Oberoi Mall at Goregaon. The mall will have some very unique offerings like direct metro connectivity, seamless connectivity from the residential tower and hotel, a breath-taking view of the Sanjay Gandhi National Park from the hand-picked F&B restaurants on the rooftop, and much more,” concluded Sameep Pathak.