Changes in shopping patterns drive developers to redesign malls

Last year, when leading realty developer DLF decided to revamp its posh DLF Place in the NCR region, many thought they were going overboard. However, the firm had its own vision to change the sprawling shopping hub into more of an entertainment centre than a traditional mall.The increasing impact of online shopping, high vacancy and falling footfalls are forcing many retailers and developers to rethink the mall concept. Many have begun experimenting with options like turning them into family entertainment centres, experience stores and smaller 24X7 stores to explore growth.

“The concept of shopping has undergone a sea change. So shopping malls have to evolve with time, according to the changing lifestyle and preferences of the shoppers. Retail developers are working on redesigning their malls to make it more interesting and entertaining,” a senior executive from DLF said. 
So the decade-old DLF Place, which has 120 stores, will be revamped to accommodate 160 brands, replacing many existing ones, one international brand and will have several food, fine dining and beverage houses. This revamped unit is set to be open by April next year.

The retail mall segment in the country is already experiencing a shrinkage in supply. According to a report by real estate consultancy firm JLL India, 2017 witnessed the withdrawal of nearly five million square feet of retail space with the closing down of 28 malls in the Delhi-NCR and Mumbai regions.No wonder then, that developers have begun thinking on reinventing the space. For instance, malls like DLF Mall of India, Pacific Mall, The Great India Place and The Grand Venice Mall have already allocated huge spaces for entertainment including multiplexes and foodcourts.

Players are also introducing concepts like Wonder Speedway, North India’s largest go-karting track, indoor theme parks like KidZania — dedicated for kids with a platform to discover, explore, and learn about the realworld and pack it with Virtual Reality gaming, bowling, and other simulated sport. Even retailers are looking for smaller options with flexible timings like 24X7 format stores.

For instance, Kishore Biyani’s Future Retail Ltd has announced plans to set up the 7-Eleven brand of convenience stores in India, with a targeted revenue of $1 billion over the next seven-eight years.Market experts say that there is now a steadily growing demand for such spaces, especially in the urban centres.