22 June 2022, Mumbai:
The government's liberalization initiatives have aided in the expansion of organized retail forms in India. As malls are being built throughout the country, it is clear that the retail scene is changing.
Consumer perception and behavior toward malls have received attention in research. From a retailer's standpoint, there is not much study.
ALSO READ Malls v/s High street
In India, organized retailing in the form of malls is expected to grow rapidly. The retail scene in India is changing, as are customer views regarding purchasing.
The increase in mall activity raises the question of how big of a contribution malls make to driving sales and profitability. The study sought to understand what drives customer visitation and financial success in malls by interviewing merchants having locations there.
ALSO READ Malls rents increase 15% as retail sales surge across categories
The malls' potential for commerce influences retailers' choice of shopping centers. A structured questionnaire was used to perform the primary research for the study.
RELEVANT NEWS Post Covid World: Malls Rent Hike Is A Reality
India has seen a significant increase in commerce recently. The reach of malls, formerly confined to metropolitan areas, is now expanding into non-metropolitan regions.
Consumer lifestyle changes and the shift from unorganized to organized forms in commerce are the main factors driving investment in and growth at malls.
RELEVANT NEWS As retail limitations reappear, retailers are resuming rent negotiations with malls
The fact that malls are essential to the lifestyles of most customers suggests that factors such as the variety of goods offered, the cost of those goods, the ease of transactions, and the shopping experience affect the merchants that people choose to shop at.
Many contend that factors influencing customers' choice of retailers include product variety, service, and store location.
The type and services provided are the main factors influencing the clients' choice of retailing formats.
RELEVANT NEWS Online retail continues to surge despite store sales recovery
With the growing market, and the rising price, the retailers have had a very bittersweet relationship with the malls, where they both earn and pay simultaneously. Sometimes it feels like it is occasionally profitable when they start making loads of profit, as the environment tends to be way more posh compared to the common market areas.
RELEVANT NEWS Myntra: Online fashion market to show optimistic growth trajectory
However, when the time comes to pay the profit prices, they feel it to be way more complex, where the bitterness arises.
Both the malls and the retailers make a vital asset to our markets, both from the view of the government as well as the customers. However, to some extent, customers witness it as a terrible experience.
Join our community on Linkedin
