Indian Shopping Centers Defy E-commerce Trends, Welcome 24 Global Brands with Open Arms
As of the first half of 2023, the combined operational retail space in these major Indian cities totals an astounding 89 million square feet. This robust physical retail presence signifies the enduring appeal of brick-and-mortar shopping experiences and highlights the Indian consumer’s affinity for in-person shopping.
The recent “Shopping Centres Next 2023” event, hosted in Bengaluru on October 3, 2023, provided a platform for industry leaders, experts, and enthusiasts to explore the promising prospects within the shopping center sector. Discussions at the event shed light on the evolving role of shopping malls in India, emphasizing their transformative impact as centers for community engagement, technology integration, and economic growth.
Rajendra Kalkar, President – Malls & Whole Time Director at the Phoenix Mills Ltd., underscored the potential for substantial returns in the retail space. He highlighted the integration of complementary businesses such as hotels, hospitals, data centers, or warehousing as a means to maximize returns. Kalkar’s insights also emphasized India’s strong purchasing power and its growth potential, making shopping centers an appealing investment option.
Furthermore, it was emphasized that shopping centers must integrate themselves into the community from the outset. For Gen Z, shopping centers are not just retail spaces; they serve as vital hubs for community building. Initiatives like health awareness programs, wellness and fitness activities, and art projects can enhance the community-centric appeal of these spaces.
In conclusion, Indian shopping centers are defying e-commerce trends and embracing a bright future as they evolve into dynamic hubs for retail, community, and growth. The influx of 24 global brands signals a resurgence in physical retail, attracting investors eager to participate in India’s thriving shopping center sector.
