Anuj Kejriwal, MD & CEO – ANAROCK Retail
There is so much talk of the death of brick-and-mortar retail as a consequence of the aggressive advent of e-commerce into the country, when the fact is that shopping malls have just got started in India – and they are definitely here to stay.
As developers learn through trial and error and come up with more winning formulas for their malls, and as retailers get more into omnichannel selling, we will see the Great Indian Mall revolution spin into its next cycle of evolution.
Why the Indian Mall Story Rocks
Unlike ‘couch potato’ e-commerce shopping, malls offer an experience… a touch-and-feel benefit which online shopping cannot. Also, going to a mall becomes an outing for the family and friends, often coupled with a meal at the food court and a movie at the cineplex.
All this in air-conditioned comfort, escalators and lifts connecting everything to the parking below, and scrupulously cleaned sanitary facilities at all levels. The massive Indian middle class loves this experience and online retail is unlikely to put malls in the shade in India anytime soon.