A boom in the fashion retail segment in shopping malls in India can be attributed to a number of reasons including an increase in the number of brands in the premium fashion category, the entry of global brands and fast fashion retailers, and the subsequent growing demand for quality Grade A retail real estate space. We bring an in-depth analysis of why fashion is the number one category in shopping malls pan India…
Indian consumers have a deep-rooted association with fashion and luxury. According to Euromonitor International, the sale of luxury goods in India grew 25 percent in 2014 in comparison to China and Indian consumers have never looked back since then. Fashion, which comprises the major portion of the luxury goods segment, has been on a continuous growth spree since then as well. By 2020, spending in the Indian luxury market is expected to increase more than double to 23,600 crores from 13,200 crores.
With the rising significance of fashion in the Indian retail scenario, it is no surprise then that the Indian fashion retail industry is on a meteoric growth trajectory. The glamour quotient is at an all-time high with the Millennial population emulating models and lm stars not only Indian but globally. This Millennial consumer – with his/her high-income level, even higher spending capacity and his shop ‘anytime-you-wish’ attitude – wants the best of fashion. There is no limit to the changing trends in fashion and the demand to have the best of the lot automatically pulls the consumer to the epicenter of fashion brands, which are shopping malls.
Despite the presence of fashion brandstores in high street markets, hypermarkets, community centres, local markets and of course e-commerce portals, 80 percent of the shopping population prefers to go to malls. The reason is simple: whether it is a Tier I city premium mall or Tier III average mall, there are enough fashion brands in a mall to cater to shoppers living in a region. Even online shopping fans like to visit malls when they need to buy expensive out ts.
While Food & Beverage and Entertainment segments are emerging as lucrative categories for malls, the importance of the fashion segment cannot be ignored. No shopping mall can afford to take this risk.
This story is from the February - March 2019 edition of Shopping Centre News.
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This story is from the February - March 2019 edition of Shopping Centre News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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