“Evolving trends in the new normal at Malls”

What did the last year look like for shopping malls across India?

The quick adaption and realignment of the sector to the evolving market landscape has helped strengthen the market sentiments across the retail segment. Over the last year, the retail sector has witnessed significant growth and a tremendous hike in leasing activity. According to the industry reports, the absorption across Grade A malls and high streets in 2021 has doubled compared to 2020. The renewed interest of shoppers, new emerging trends, and brands' aggressive expansion plans favor the sector’s growth momentum.

What effect has the recent economic slowdown had on the mall development?

 The economic slowdown was the aftermath of the Covid-19 pandemic and the subsequent lockdown. The nationwide lockdown brought the world to the halt and every business irrespective of big or small was severely impacted. Alike, retail sector and mall development has gone through a dull phase from mass store closures, and severe occupancy levels to global supply shortages. However, the sector promptly bounced back while aligning itself with the evolving trends in the new normal. We have seen the demand for Grade A retail space going up in the last couple of quarters strengthening the growth prospects in the coming years.

What trends are you seeing in this space?

Businesses across categories have re-strategized their approach and the retail sector also adopted and then adapted to the new and revamped approach witnessed in the post-pandemic era. Shopping malls and retail spaces reinvented with new ideas and methods to bring in the best offerings to retailers and shoppers. While technological advancements and premium space offerings took centre stage in the new world, one can’t refute the fact that flexibility in the business models is the need of the hour. Realizing the significance and viability of the flexibility model in rewriting the growth story of malls business, we have recently launched co-retailing spaces in Omaxe Chowk which is a first of its kind in the retail arena. The project will have approx. 8000-10,000 sq. ft. area dedicated for two co-retailing models, namely sharing common commercial space and short-term leasing contracts. This business model has been successfully drawing the huge interest of retailers across geographies.

Co-retailing is a concept in which two or more brands collaborate to operate from a shared retail space, with the brand/businesses opting for short-term lease arrangements. It allows business owners to collaborate and develop the physical presence of their brand, products, services, and so on. The concept will also assist brands in growing alongside one another, creating a community of exciting brands and customer contact, and testing new goods and markets. The main advantage of co-retailing is that, unlike shopping malls, it gives retailers flexibility in terms of time frame, area utilization, cost-efficiency, etc.

 What are the five aspects of successful mall design?

 The intent of designing any shopping mall is to facilitate a worthwhile business opportunity for brands and retailers and an enticing experience for shoppers and visitors. Over the years, the retail space has massively evolved from shopping complexes to retail destinations. Every mall design has different key elements that make it unique and stand tall in the business as no shoe fits all. However, the basic aspects which play a pivotal role in a successful mall design are location, accessibility, visibility, an appropriate tenant mix, and sustainability.

What kind of mall mix do you offer for your consumers in your new project?

 Our new project, OmaxeChowk offers the best global and Indian brands, a mix of ownership and lease-based model development to help this B2B and B2C ecosystem to boost the business and trade opportunities. Chandni Chowk market is known as an all-season shopping destination and is predominantly famous for wedding shopping. Recognizing this, Omaxe Chowk intends to facilitate a seamless organized shopping experience and presents a dedicated jewel court spanning across approx. 55,000 square feet area. It will house various corporate jewellery brands as well as traditional jewellers from across India. Brands like Tanishq are already on board to be a part of this shopper's paradise. Besides, Omaxe chowk will have a Bridal court that will include apparel, cosmetics, shoes, and other brands, making it a go-to destination for wedding shopping. Several brands like Chhabra 555, Senco, and Perfume Point, with others, have already taken up space here.

Taking the Old Delhi and Chandni Chowk's food legacy ahead, Omaxe Chowk brings India's largest food hub with over 1600 seating capacity. It will enable various brands across QSR, multiple service options, and casual dining restaurants to establish their presence. Renowned brands like Haldiram, Hira Sweets, Amritsari Express, House of Candy, and many others are already on board with Omaxe Chowk.

 What kind of support the brands at your mall have been offered regarding brand positioning and their business models while keeping their business interests at the top of the priority list?

 The already operational malls have incorporated apt marketing & branding activities for brand’s growth. Whereas OmaxeChowk will undertake an extensive 360-degree marketing and branding campaign including digital and social media, top-notch segment influencers and celebrities, etc. to allow retailers to garner eyeballs across a wide geography and target groups. There will be a provision for a ramp walk for models to showcase the wedding apparel and accessories by in-mall retailers. Besides, brands will be provided facades and indoor marketing spaces to advertise and promote their products. On the financial front, we shall provide an MG revenue share model for retailers in the Initial months so that their brands can get the right push.

 What is the ratio of franchise-run outlets at your mall?

 Most of the outlets will be flagship stores run by the company. We are also open to franchise model.

 What are your future plans for this project and any other project lined up?

 We have a high street project, World Street located in sector -79 Faridabad. It is one of its kind property in Delhi NCR. Inspired by the world-renowned shopping destinations of London, Hong Kong, Portugal, Athens, and Amsterdam, World Street has been getting increased traction amongst occupiers. Brands like Red Tape, Super 99, The Old Delhi, NumerUno, Subway, Bistro 57, BULL RIDE (entertainment zone), Theobroma, and others have already marked their presence on World Street and has over 200 operational stores.

We are aggressively working on both projects and looking forward to bringing in the best offerings for our customers and brand partners.

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