Malls Report Higher Conversion & Revival Rates in 2021
The year 2021, marks another successful yet demanding year for the shopping centre industry. In comparison to 2020, the year was fully under the influence and threat of the pandemic. Shopping centres became Omnichannel and included digital innovations in their portfolio. Yes, malls becoming phygital has become a reality in India. Every mall took decisive steps in raising their digital and innovations bar. Mall developers also embraced feedback more and more from the retailers on how the current shopping centres need to embrace the phygital element, as well as their inputs for all future shopping centre developments.
Yet again the festival season turned out to be a saviour for the shopping centres and the mall developers in 2021 as well. Most malls reached the 100 per cent recovery mark during this season. The opening of cinema and multiplexes in the later half turned outto be another huge achievement. Fortunately, while the beginning of the year posed a setback for the Indian economy, the end saw a lift in business and revenues, indicating a new hope, a new dawn and a new vision for the industry in the new year.
2021 also turned out to be a good year for us, as we conducted two flagship on ground events this year. Shopping Centres Next (Goa) in September, followed by Phygital Retail Convention (Mumbai) in November turned out to be another milestone in the IMAGES journey.
In this fi nal edition of the year, we bring you a yearend feature on the key achievements and highlights done by the shopping centres pan India. The cover story revolves around how malls celebrated the festival season with high spirits, with COVID safety measures, marking the revival of the footfalls and revenue. We also welcome 2022 and pray that it brings with it a new hope – aside from new concepts, technologies and innovations for the shopping mall industry, globally and in India. Happy New year in advance!