Shopping today is much more than buying stuff. Retailing is witnessing conceptual transition and is now more experiential than transactional. It is about experiences today than just buy and sell. Today, modern shoppers look for a single stop which offers products of needs and desires along with gourmet meals and entertainment options. The desire for such experience has given birth to Retailtainment.
Going by the name itself, retailainment wraps in itself the perfect blend of retail and entertainment intended to offer an experience that leaves you craving for more. Retailtainment is when shopping is more than buying, and expands to entertainment and indulgences, having a pleasant experience while shopping, leaving a great mark on a consumer’s mind, giving consumers moments to cherish.
The concept of shopping in India has evolved in terms of format and consumer buying behavior. Retailtainment is enhancing the experience of shopping by a concept of clubbing various activities along with shopping, such as sports, gaming parlours, movie theatres, children’s play area and so on. The gaining popularity of fine dines and events has also transformed a shopping mall into a place to share quality time with friends and family. The ambience and environment of the place influence consumer behavior and help generate more footfalls by creating a right mix of entertainment along-side leisure activities.
Due to the accelerated urbanisation, increasing disposable incomes and changing demographic profile, India’s retail market has been witnessing exponential growth. According to a recent research, 72% of millennials prefer experience over material possessions as a way of acquiring happiness. For both retailers and commercial real estate developers, the need of the hour is to keep pace with the fast-changing consumer behavior. The large-scale investment in the real estate sector with major national and global players is also contributing to the development of the retailing business. They are aggressively rebuilding their strategies to satisfy customer needs, with technology also playing a significant role in driving consumer engagement and experience in retail business.
The future of India’s retail sector is ripe with possibilities with the rise of this new format of retail and entertainment offering customers an experience to hold on. The trend is prominent not only in metros but is catching up fast in tier 2 cities as well. The Indian retail industry is one of the most rapidly evolving industries in the world and India is the fifth largest preferred retail destination globally. According to the Indian Brand Equity Foundation (IBEF), India’s retail market is expected to grow to $1,200 billion by 2021. The turf is ready, with some major players geared up to bring retailtainment destinations that will take the market by storm.
Locations like the Golf Course Extension Road and SPR in Gurgaon are turning out to be some of the most upcoming retailtainment destinations with a number of projects coming up. These are throbbing centres for commercial real estate development, being under the focus of Government’s Transit Oriented Development Policy. The location also ushers in footfall from the elite residential complexes in the vicinity such as Almeda, Nirvana Country 2, Tatvam Villas, Avenues 71 and more. With assured catchment and ease of connectivity, these locations are set to become retailtainment trail-blazers.
(By Pankaj Bansal, Director, M3M Group)