Shopping malls in India have undergone some notable changes lately and one such is to align with the growing startup culture. The malls were once a straightforward brick-and-mortar retail experience, but now have been evolved into a dynamic environment. It is catering new-age businesses thereby revitalizing the mall landscape.
Shopping malls are not just spaces filled with retail stores now. In fact, the malls have become vibrant ecosystems to strengthen entrepreneurship and innovation. The shift is a response to the growing dominance of e-commerce. The traditional retail spaces are thereafter forced to think creatively about how to attract customers and maintain relevance. Santush Pandde, COO of Real Estate at Grauer & Weil India Limited, said that the malls are adapting changes by integrating unique offerings and experiences which are something beyond shopping.
One important aspect is to align with the startup trends and this is done by offering flexible leasing options. Short-term leases and cubicle spaces are gaining popularity among the startups, small businesses and micro, small, and medium enterprises (MSMEs). The flexibility allows businesses in showcasing their products and services in prime locations. Moreover, many malls are now incorporating co-working spaces equipped with high-speed internet, meeting rooms and event areas.
Malls are also integrating digital platforms to enable the startups in managing their online as well as offline presence. Services such as in-mall delivery, click-and-collect options and digital payment solutions are becoming standard offerings. Malls can even provide the startups with some valuable insights into consumer behavior by leveraging customer data analytics. This is simply to help them to tailor their products and marketing strategies.
Shopping malls are also tapping into the vibrant startup ecosystem. They are partnering with incubators and accelerators to host events like hackathons, seminars and product launches.
