I Gearing Future
As it does not seem well on retail front, even as small developers are hard pressed to innovate themselves to not only beat ongoing slowdwon but also sustain business models in long run. In given situation when average un occupancy rate is in access 20% malls are relooking their stratergies &devising business models that are driven by certain differentiators that can infuse some sort of exclusively in their offerings while some developers are focussing on design aspect & focussing on particular themes or concepts, others are trying to get their basic rights in terms of selection of cachment size of mall as revenue model.
Market quite tough as consumers cautious due to macro-economic headwinds. Moreover looking for something new to optimise their shopping experience.
Unlike standalone retail outlets in malls, consumers don't look for just products but also a complete shopping experience in a pleasuring & appealing ambience. In fact each mall supposed to offer something beyond its product mix.
Since initial euphoria has diminished, retail market now gradually on its way to maturity. Given the market condition one needs to change stratergy expectations of a much demanding lot of consumers. The scope of shopping has widened & mall formats are trying to adjust themselves to keep up business in long term.
Malls will have to position themselves differently in order to invite desired levels of footfalls. These will have to be conceptualised in such a way that they become community centers & provide unique experiential shopping for families.
One has to create some sort of uniqueness for oneself to stand out from others. Mall has to be developed where shopping should be one of the components. It's apart from other functional aspects that are crucial for success of mall.
Mall development & management is not just a real estate play as it was percieved by many. In fact its a complex business proposition where a good no. of factors need to be incorporated to create a delivery system which can offer max. satisfaction to customers on consistent basis.
Experts believe that markets getting with consumers becoming more discerning, malls to tweak their business models.