Over the past two decades, shopping malls in India have undergone a significant transformation, evolving from simple retail spaces to comprehensive lifestyle destinations in response to changing customer aspirations. Malls today have expanded their offerings to include entertainment, dining, and recreational activities, creating a more holistic experience for visitors.
But creating the perfect shopping destination, is a never-ending assignment, expressed industry leaders at the Phygital Retail Convention 2024, and running a profitable one requires looking at some key changes that are underway. These include:
Rationalisation of Space Given to Cinemas
Pre-pandemic, cinema used to be one of the main anchors, generating footfalls in the shopping malls. However, in recent times, many shopping malls have reduced the number of screens, giving space to other entertainment players.
"After the pandemic, a lot has changed. Today, it is not necessary to have 10 or 12-screen multiplexes in malls. Cinema will make a comeback, but today we need different entertainment formats. At Vegas, we have a format called 'Laugh Store', a venue for stand-up comedy, which is attracting much better footfall than a cinema," said Harsh Bansal, Co-founder of Unity Group & Vegas Mall. According to him, Cinema should not be more than 10% of the size of the mall, if you are building 5 lakh sq. ft. or a million sq. ft. mall.
"Cinema being a content-based business, has its consequences. A good movie brings enormous footfall, but an average or bad movie is not a good sign for the shopping mall," explained Peayush Agarwal, CEO, V3S Vikas Surya Group. "The space can be utilised by an entertainment zone or a brewery, but these concepts are more suitable for the tier 1 malls," added Agarwal.
This story is from the June 2024 edition of Images Retail.
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This story is from the June 2024 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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