Neighborhood malls have seen a remarkable resurgence in foot traffic and sales, especially after the pandemic. Their strategic location and neighborhood-centric approach cater to local residents’ needs for quick and easy access to shopping and dining options. This convenience, combined with a well-balanced mix of offerings, allows neighborhood malls to achieve trading densities comparable to larger enclosed shopping centers.
Consumer Behavior
“Neighborhood malls have significantly impacted shoppers’ purchasing power. As consumers prioritize quick and easy shopping experiences, neighborhood malls benefit from their proximity and accessibility. These features have brought a resurgence in foot traffic and sales, offering hassle-free shopping environments,” said Uddhav Poddar, Managing Director, Bhumika Group.
The success of neighborhood malls hinges on understanding and catering to the local demographic. Yukti Nagpal, Director, Gulshan Group emphasizes the importance of a balanced mix of retail, dining, and entertainment options. “When selecting tenants for Gulshan One29, we prioritize a balanced mix to create a vibrant and diverse shopping environment. Key factors include brand reputation, customer demand, and the potential to complement existing offerings,” she stated.
Strategic Tenant Selection
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