It’s raining malls in India! Despite the onslaught of the e-commerce business across the country, malls are still serious business. According to Anarock's latest retail report ‘TCCx: Redefining the Future of Retail Malls’ released at the CII North Retail Conclave recently in Delhi, the sector is riding high on the phenomenal rise of consumerism and renewed interest by institutional investors.
With the advent of e-commerce in India, shopping converged into mobile devices in the form of websites and/or apps. At the click of a button, one could buy groceries, apparel, electronics and almost everything else. For a while, it appeared that ‘couch potato shopping’ was a real threat to physical retail, and that shopping malls will run out of business.
Expansion of brick-n-mortar retail is also underway outside metros. Between 2006 and 2017, Tier-II cities reportedly received close to five times the investment of Tier-I cities, which Anuj Kejriwal, Managing Director & CEO, Anarock Retail ascribes to 'investors and mall developers realising the potential of these smaller markets and trying to make their presence felt.'