This is in contrast to the situation about 5-7 years back, when it was difficult to convince shoppers to visit a mall as they were satisfied with their neighbourhood store.
Clearly, malls have overcome the initial challenging phase and no longer do brands think of comparing the cost of opening a store on the high street versus that of malls, as we are the preferred choice.
I would like to highlight that malls, catchment areas and the positioning are three aspects of modern retail which are interdependent, and yet their individual importance may vary, depending upon the situation.
And, organised retail has evolved in such a manner that in a single catchment area, a number of malls with different positioning can coexist in harmony.
For instance, there are five malls adjacent to each other at Rajouri Garden, West Delhi, and three malls at Saket, South Delhi. All these malls have their own unique identity, but work in harmony with each other and at the same time; attract footfalls, individually and also collectively.
It’s clearly up to the management of individual malls to ensure that they get the maximum footfalls vis-à-vis other malls located close by. And, for a mall developer, the key question in this context could be; how do I reposition and differentiate myself in this catchment?
THE POSSIBLE ALTERNATIVES:
# Changing the tag line
# Having a trendy jingle
# Release more print ads
# Launch a promotional campaign
The answer to the above alternatives: No. And, that’s because the key shoppers in most malls are women aged 19-49 years and a suitable retail strategy needs to be identified for this primary target audience. This will help to ensure that a mall’s identity and personality, coincide with that of its primary target audience. This strategy would also solve the problem of repositioning of a mall.
As the mall sector matures, simultaneously one also observes changes in consumer behavior pattern. And, after connecting with the target audience, the next crucial question, what are the needs and aspirations of this primary target audience?
Studies have revealed that a shopper wants to look her best and also be in tune with the latest styles, and are also brand conscious. It’s then the responsibility of mall management to ensure that they offer suitable answers to their target audience.
And, consumers are looking for a suitable mix of fashion brands, cosmetics and accessories in a mall, as part of their overall shopping experience. Also, it cannot be denied that cosmetics are enjoying a greater presence in mall’s today vis-à-vis a few years earlier, as part of the above brand mix strategy. As a result, fashion brands and beauty are viewed as key to the positioning strategy for organised retail.
COSMETICS ARE HOT
The broad growth of the global organised retail industry has also been accompanied by a sharp rise in the beauty industry, and consumer spending in this segment has shown a visible improvement.
In India too, a number of international beauty brands have entered the market and cater to a specific segment. And, it has been reflected in the skin care, beauty and personal care market which have seen a growth of more than five per cent over the past several years.
And, consumers hard pressed for time are increasingly selecting beauty products that help them to look their best and at the same time, do not take too much time. This has been reflected in high growth of certain products like fast drying nail polish, 3-in-1 shower gel, facial wash and shaving foam.
As a result, cosmetics are increasingly moving to ‘impulse buying’ category, and it is no surprise that cosmetic brands are located at strategic locations in a mall. And, to ensure a complete shopping experience, a trendy apparel brand would be next to
this cosmetics outlet.