Malls have been synonymous with commerce for decades as they offer a wide range of retail stores and brands, making them the one-stop destination for shoppers seeking to fulfil their needs and desires. From fashion and electronics to household items and speciality products, malls bring diverse businesses together under one roof. But today, malls are evolving beyond shopping; they have multifaceted leisure destinations, movie theatres, amusement parks, indoor play zones, and entertainment centres that cater to the diverse needs of visitors from different walks of life.
Malls that offer dedicated spaces, engaging activities and events appeal to the millennials, driving them to visit and spend time in these spaces. The rise in urbanisation, strengthening income, and prioritisation of experiences over material possessions of the younger generations are the few forces behind the innovations of modern malls. Due to these changing trends, malls are attracting greater footfall, as mentioned in the study by Knight Frank India. The study shows that shopping malls are likely to record over $11 billion in consumption during the financial years 2023–34.
Mr. Sarthak Gaur, Director, Gaurs Group says Malls and retail spaces have evolved into vibrant lifestyle destinations, attracting people of all ages. With world-class facilities and an array of enticing options to explore, they have become a hub for leisure, entertainment, and shopping. We take pride in crafting malls that cater to shoppers' functional needs and provide immersive experiences that leave lasting impressions. By organising frequent events, celebrations, and interactions with celebrities at Gaur City Mall and Gaur Central Mall, we elevate the popularity of our malls, creating an engaging and interactive atmosphere for our visitors beyond traditional shopping. These experiences foster a sense of community, and customers look forward to returning, not just for retail therapy but to participate in the exciting events that enrich their lives. We remain committed to creating exceptional spaces that continually redefine the concept of retail, making every visit an unforgettable experience.
"Our commitment to innovation and customer satisfaction is at the heart of the KW Delhi 6 mall. As developers, we envision modern retail real estate as more than just physical constructions infusing vitality into the urban environment. With a proactive vision for future needs and trends, we aim to create wide-ranging settings that encourage togetherness and facilitate meaningful connections. We pride ourselves on being the architects of experiences. We offer people a blank canvas to express their delight, discoveries, and bonds with others. By incorporating the latest innovations and customer-centric elements into our designs, we ensure that our mall becomes a hub of enjoyment and convenience, where families gather to spend quality time, friends have a great time, and strangers forge new friendships through our malls' wide variety of offerings," said Mr Pankaj Kumar Jain, MD of KW Group.
The evolution of malls is because of plenty of reasons, like changes in consumer preferences. Consumers have shifted from solely seeking retail stores to desiring diverse experiences when visiting a mall. Another reason is that with the rise of online shopping and e-commerce platforms, malls face competition from digital retailers. To differentiate themselves and attract customers, malls have expanded their offerings to provide unique experiences that cannot be replicated online.
Malls host frequent cultural events, exhibitions, and performances, further promoting diversity and fostering a sense of unity within the community. They become venues for artists to showcase their talents, local businesses to reach new audiences, and charitable organisations to raise awareness and funds for various causes. According to research, 76% of shoppers surveyed expressed a positive perception of malls that hosted live events, and 63% said they were more likely to visit a mall with such cultural offerings.
"We envision modern malls as vibrant cultural hubs, embracing local talent and diverse offerings, where visitors can immerse themselves in an extensive blend of shopping, entertainment, and community gatherings. Our commitment to celebrating culture and nurturing interest-based and cause-based communities sets us apart and enriches the urban landscape, defining the evolution of modern malls as more than just commercial spaces says Ravinder Choudhary, VP, Vegas Mall.
"Every Guest, from the toddler to the eldest in the family finds something enjoyable to stimulate their senses and foster a spirit of exploration. Every nook of asset has been carefully planned to evoke a sense of awe, encouraging visitors to enter a world where the lines between truth and fantasy are blurred. When visiting a mall, consumers now want a variety of experiences rather than just shopping at stores. Malls now are revamping to be more of community centre destinataions for the families. It's not about shopping but more about experience and about a space where you can spend quaility times spend with loved ones and the community says, Uddhav Poddar, Managing Director, Bhumika Group.
In an increasingly digital age where online shopping and social media dominate our lives, the mall provides a unique physical space for human interaction. People from many origins come together to exchange ideas, share experiences, and make enduring memories in this melting pot of cultures. In an age of constant change, the modern mall stands as a symbol of adaptability and resilience. People are drawn in by its attraction, which holds out the prospect of excitement, friendship, and shared experiences.