Since 2010, Indian retail has centred around shopping malls, inarguably the best format of organised retail in the country. The Indian retail landscape has seen a plethora of shopping malls being launched every year since then, we now have more than 600 mallspan India with designs and brands that can compete with most global malls. However, 2020 saw the Indian Shopping Centre hitting a massive roadblock. The pandemic has been a once-in-a-lifetime test of business continuity planning for retail businesses across the globe.
The subsequent global lockdown, shutdown of all economic activities threw the retail and shopping centre industries into chaos, with only 5 malls being launched – in Gurugram, Delhi, Lucknow and Bengaluru. The growth scale became imbalanced in a matter of weeks and all predictions were disproved. Many upcoming shopping mall projects had to be stopped midway while others were permanently shelved and suffered major ? nancial losses.
However, it is a new year, and the industry has risen from the ashes to ? ourish yet again. The February 2021 edition of IMAGES Retail takes a look at the current situation of upcoming malls in India post lockdown. The issue brings to its discerning readers, exclusive interactions with major mall developers, who talk about their forthcoming projects, the ground realities of a COVID world and the future roadmap for the industry.
We also deep dive into how retailers are banking on ‘retail therapy is the best kind of therapy’ adage, focusing on reaching their consumers through loyalty programs and rewards. As e-commerce booms, we take a look at how retailers are introducing new strategies and initiatives, in the form of lucrative offers and discounts to lure customers in store, away from online marketplaces. We sincerely hope that the New Year brings with it a fresh start for the industry in the form of sales, new concepts, technologies and innovations, globally and in India. As always, we hope you find the issue informative and useful. Log on to our website https://www. indiaretailing.com/ for more features, analysis and expert opinions.