Retailer: Your mantra for success?
Nigam Patel: A mall has to be customer-centric. And, to achieve that developers need to follow an ‘inside-out’ strategy, which would entail an innovative layout, ease of shopping and right mix of retail and entertainment options, and parking facilities. Most developers have learned their lessons from malls that have not succeeded and have taken suitable measures to connect effectively with their consumers.
Retailer: What are the obstacles faced by mall developers?
NP: It is important to select the right location at an affordable price, and then detailed planning and design phase are key. Once
a mall is set up, establishing long-term relationships with tenants is important and it creates sustainable retail assets. And, mixed-use developments like residential and office space also provides value over the long-term.
Retailer: Growth prospects for retail sector?
NP: The government has recently permitted FDI in multi-brand and along with that in single brand, it will result in inadequate high quality mall space. Successful malls must tailor their products to needs of catchment area and then exceed expectations. For instance, at our Aurangabad mall, we recently introduced auto retailers like Jaguar and Land Rover.
BEING ALERT TO LOCAL COMMUNITY
NEEDS AND SUITABLY ADAPTING, KEY TO
LONG-TERM SUCCESS FOR A REGIONAL