The only constant for mall owners in these changing times is the need to reinvent and reinvest, and review the retail mix
In a country with a burgeoning middle class, for whom entertainment means a day out with family, malls have come to play an important role in the way people spend quality time. But as consumer tastes and needs evolve, Indians get greater overseas exposure and ecommerce gains momentum, the business of malls has come to face its own set of challenges. It is not surprising to see some of the earliest malls wear a deserted look, despite being located in the heart of the city. The old formula of ‘great location and a big anchor store means a successful mall’ is now being turned on its head as some of the leading names regularly redraw their strategies to remain relevant in an ever-evolving space.
(This story appears in the 03 April, 2015 issue of Forbes India. To visit our Archives, click here.)