“EVOLVING TRENDS IN THE NEW NORMAL AT MALLS”

The pandemic- pervaded ecommerce boom can’t be ignored. However, the upcoming supply of mall spaces—due to increased demand--proves that physical retail remains the dominant force in India. Jatin Goel, Director, Omaxe Ltd talks about the renewed interest of shoppers, new emerging trends, and brands' aggressive expansion plans in favor of the sector’s growth momentum. Omaxe group operates 6 successful malls panIndia and is further planning to strengthen its presence.

- Beny Sachdeva

WHAT DID THE LAST YEAR LOOK LIKE FOR SHOPPING MALLS ACROSS INDIA?

The quick adaption and realignment of the sector to the evolving market landscape has helped strengthen the market sentiments across the retail segment. Over the last year, the retail sector has witnessed significant growth and a tremendous hike in leasing activity. According to the industry reports, the absorption across Grade A malls and high streets in 2021 has doubled compared to 2020. The renewed interest of shoppers, new emerging trends, and brands' aggressive expansion plans favor the sector’s growth momentum.

WHAT EFFECT HAS THE RECENT ECONOMIC SLOWDOWN HAD ON THE MALL DEVELOPMENT?

The economic slowdown was the aftermath of the Covid-19 pandemic and the subsequent lockdown. The nationwide lockdown brought the world to the halt and every business irrespective of big or small was severely impacted. Alike, retail sector and mall development has gone through a dull phase from mass store closures, and severe occupancy levels to global supply shortages. However, the sector promptly bounced back while aligning itself with the evolving trends in the new normal. We have seen the demand for Grade A retail space going up in the last couple of quarters strengthening the growth prospects in the coming years.

WHAT TRENDS ARE YOU SEEING IN THIS SPACE?