Shopping Malls will Cast their Magic in 2021
In the last few weeks, there has been a spike in the number of COVID cases. Despite this, the enthusiasm of the retail industry has been very high and the industry has decided that this time, it’s not going to bow down to the pandemic threats. The business of shopping centres has witnessed a fantastic revival despite the threat of COVID in the last two months.
Overall the month of February has been a happy hunting space for the mall developers and the retailers. As per a survey by RAI, the retail industry’s business achieved 93 percent of the pre-COVID sales in February with consumer durables and quick service restaurants showing a growth of 15 percent and 18 percent respectively. Malls witnessed more footfalls and conversion rates. The dwell time has also gone up as cinemas and FECs have opened up and consumers are coming out of their homes, finally. So far, 2021 has been good for the industry, with more optimistic and constructive news pouring in from around the country.
The cover story of March 2021, brings to our astute readers, how mall developers are optimistic about this year to bring back the good old days of retail, entertainment and dining at the malls. Going by the response received by the majority of the malls since their reopening, it is no understatement to accept that revival of the mall business is on the right track. From visiting the malls for shopping to simply looking at malls as a destination to spend time together with friends and family, people have been visiting malls and shopping centresas they would during the pre-COVID days – long queues at billing counters of major department stores and brands bear testimony to the fact as also the opening of a plethora of new stores, both at the national and regional levels.
As always, we hope you find the issue informative and useful. Log on to our website https://www.indiaretailing.com/category/ shoppingcentre/ for more features, analysis and expert opinions.