The surge in e-commerce has transformed the face of retail industry in the country, creating business opportunities as well as posing challenges to conventional real estate in India. With e-commerce growing rapidly and more people enjoying the benefits of online shopping, shopping malls and physical retail places are getting significantly impacted. Yet, despite the challenges brought by the changing dynamics, there is a sense of confidence among the leaders in the industry for adapting to the changing surroundings.
“The emergence of e-commerce has indeed been disruptive but it has also created new pathways for the innovation,” says Anurag Goel, Director at Goel Ganga Developments.
“Shopping stores that provide unique customer experiences, entertainment, and mixed community settings instead of old amphitheaters and empty parking lots, will paradoxically succeed in the new era of this evolving world,” he adds.
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Echoing similar views, Aman Gupta, Director at RPS Group, says, “There is need to explore the innovative ways of designing such immersive experiences that are difficult to find online. Through a mixture of shopping, dining, entertainment and social meeting ups, the retail real estate can become a place for both shopping activity and enjoying the overall experience.”
LC Mittal, Director of Motia Group, emphasizes the importance of adaptability. “The future belongs to those who adapt quickly to customers’ new needs and preferences by becoming the first to incorporate technology, personalization, and seamless omnichannel experiences into their businesses. This will give them an advantage in the coming era.”
Sanjoo Bhadana, Managing Director of 4S Developers, says, “E-commerce has reduced the footfall in traditional brick-and-mortar shops, but at the same time smart innovators have found the way to boost the customer experience through pop-up ethical store-fronts dedicated to particular demographic groups.”
As the retail real estate industry navigates the challenges posed by the e-commerce boom, one thing is clear: embracing adaptation as a key tendency is inevitable. While crafting the future of retail, experiential shopping, entertainment opportunities, and mixed community spaces will be the factors contributing to the evolution of the traditional shopping malls and retail into places that are more than just spaces of transactions.
The future of retail real estate is anchored on the art of combining cutting edge technologies with real humans, connecting communities, and reuniting the digital and the physical realms. In the future, the players who are able to foresee and react to the shifting taste of the public with a swift and innovative response will surely dominate amongst the changing retail spaces.