20th Sept 2024: Cushman & Wakefield’s recent report on malls highlights the evolving landscape of retail spaces, emphasizing how consumer preferences and shopping habits have shifted dramatically in recent years. With the rise of e-commerce and changing demographics, traditional malls are facing significant challenges, prompting many to rethink their strategies. The report notes that successful malls are increasingly focusing on creating experiential environments that blend retail, dining, and entertainment. This approach not only attracts foot traffic but also fosters community engagement, allowing malls to remain relevant in a competitive market.
Moreover, the report identifies key trends shaping the future of malls, such as the integration of technology and sustainable practices. Many malls are adopting smart technology solutions to enhance customer experiences, from personalized shopping recommendations to contactless payment options. Additionally, there is a growing emphasis on sustainability, with many properties investing in green initiatives to appeal to environmentally-conscious consumers. As a result, the report suggests that malls that innovate and adapt to these trends will be better positioned to thrive in the evolving retail landscape.
Sanju Bhadana, MD, 4S Developers
The massive rise in residential real estate driven by economic growth and growing prosperity amongst Indians is generating more demand for malls. Markets like Gurugram have been taking the lead and the coming years will witness stupendous growth in all segments of real estate sector favoured by Government’s policy and focus on infrastructure development. The rising income levels and propensity to spend will create more demand for grade A malls in India especially Gurugram.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd
India’s retail market is witnessing robust growth with consumers more inclined toward Grade A malls. The top-grade malls are increasingly emerging as cultural and community-focused hubs rather than just shopping and entertainment destinations. As such, they are well-positioned to shape the future of organized retail in India. Amid the rising aspirational population, the demand for top-notch quality retail spaces is set to rise phenomenally particularly in places like Gurugram, as more and more people prefer a one-stop solution that offers a combination of top-notch shopping experience, entertainment, ambience, and community engagement all at a one place.