Shopper Traffic Increase: Malls in NCR Adjust Plans to Pull in Customer Numbers
In the bustling city of Gurugram, the retail landscape is undergoing a significant transformation. Pankaj Jain, Founder and CMD of SPJ Group, has stated that the commercial growth in the city has fostered a thriving retail ecosystem, with consumers increasingly seeking spaces that offer more than just shopping.
To redefine malls in Delhi-NCR as experience-driven destinations, several key strategies are being implemented. These include curating diverse and lifestyle-focused retail offerings, integrating food and beverage experiences, creating superior mall environments, leveraging infrastructure growth, and incorporating entertainment, wellness, and lifestyle elements.
For instance, malls like Vegas Mall are enhancing their fashion portfolio, while Samosa Singh is expanding into busy malls, attracting sustained footfalls by combining retail with culinary experiences. Superior malls in Delhi NCR have vacancy rates as low as 3%, reflecting a trend towards quality-driven retail spaces.
This shift towards experience-driven malls is impacting the retail sector in India in several ways. Consumer engagement and dwell time are increasing, boosting in-store sales and cross-category spending. Growth is being driven in segments like fashion, wellness, and F&B, which dominate leasing demand and are critical to mall success.
Commercial real estate rental values in prime malls are also rising due to heightened demand for space in experience-rich environments. Retail brands and F&B operators are innovating and expanding, as seen by MR.DIY’s large-scale store launches and Samosa Singh’s mall outlet expansions.
Moreover, this transformation is attracting investments and redevelopment projects in retail real estate, aligned with the urban infrastructure boom and increasing consumer spending power in the Delhi-NCR region.
Prakash Mehta, Chairman and Managing Director of Ocus Group, has highlighted that retail leasing in NCR is growing, particularly with the focus on organised high-street formats. Ishwin Singh Hora also states that high street retail is seen as the next frontier in urban shopping experiences, especially in dynamic cities like Gurugram.
Pankaj Jain has also mentioned that the next big retail story in Gurugram is emerging from high-potential micro-markets, such as Old Gurgaon. Prakash Mehta also mentions that emerging corridors like Sohna Road and sectors along it are gaining traction for their connectivity and development potential.
However, the resurgence in mall footfall across NCR is not just a return to pre-pandemic normalcy, but a redefinition of what retail spaces mean to communities. The challenge lies in sustaining engagement over time in these redefined retail spaces. Ishwin Singh Hora, Director of Reach Group, notes that high street formats are gaining traction due to their well-designed, open-format spaces and deeper connection with the community.
In summary, malls in Delhi-NCR are evolving from mere shopping centers into multi-dimensional lifestyle destinations, blending retail, dining, entertainment, and wellness to meet contemporary consumer expectations. This transformation drives positive momentum for both retailers and real estate stakeholders in the Indian retail sector by enhancing footfalls, rental yields, and long-term retail viability.
- The infrastructure growth in Gurugram has contributed to the commercial growth, fostering a thriving retail ecosystem that encourages consumers to seek more than just shopping.
- To redefine malls in Delhi-NCR, several strategies are being implemented, such as integrating food and beverage experiences, creating superior mall environments, and incorporating entertainment, wellness, and lifestyle elements.
- The shift towards experience-driven malls has impacted the retail sector in India, leading to an increase in consumer engagement, dwell time, and cross-category spending.
- The transformation of malls into multi-dimensional lifestyle destinations, blending retail, dining, entertainment, and wellness, is attracting investments and redevelopment projects in retail real estate.
- High street retail formats in dynamic cities like Gurugram are gaining traction due to their well-designed, open-format spaces and deeper connection with the community, offering a new frontier for urban shopping experiences.
