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- Innovation is necessary for survival
Innovation is necessary for survival
Malls are considered to be the trendiest addition to commercial real estate in India. But with millions of sq ft. added to mall space in each city, it is feared that malls do not lose their 'zing'.
As Business Standard in an article quotes:According to real estate researchers, over 110 million square feet of space will be available across India for the organised retail industry by December 2008. The retail boom is spreading to Tier-2 and Tier-3 cities and 361 projects are under way. Of this, 227 are in the top seven cities and the rest in Tier-2 and Tier-3 cities.
Besides, 35 hypermarkets, 325 large department stores and over 10,000 outlets are also under development.
“The new and upcoming malls must be innovative if they want to succeed,” said another real estate expert. For instance, in Dubai, Mall of Emirates maintains a pocket of minus 2 degree Celsius in the centrally air-conditioned premises. The objective is to offer a different experience to shoppers in the desert city.
If this trend continues, Malls in India must also start experimenting if they intend to be in business in the long run. Therefore, without innovation and concept marketing, it will be difficult for many large malls to survive.CommentQuote0Flag