Since the inception of shopping malls in India, they have been adapting to the startup culture, recognizing the potential of this dynamic sector to drive traffic and diversify their tenant mix.With prevailing ecommerce’s ever-growing penetration across the country, malls are often shortlisted more than just brick and mortar stores as they now offer something engaging and unique to keep up the growth factors, and navigating their business.- Mr. Santush Pandde, COO - Real Estate at Grauer & Weil India Limited (Growel’s 101 Mall)
The component of organized retail market in India is still very low and scattered and looking into the future there is a tremendous scope for growth of organized retail sector in India. To capitalize on this giant potential, malls must adopt fair positioning strategies, invest in latest technology, and offer unconventional new services & options for entertainment to overcome the current problems related to falling footfalls. In short, malls need to reinvent themselves by building community development and offering commercial space to emerging startups.
Malls can offer them short-term leasing options or cubicle spaces that allow startups to showcase their products and services without signing long-term contracts. This flexibility attracts startups/ small businesses/MSMEs that may not have the adequate resources for a plush office and multi-year leases. Co-working spaces within malls are becoming popular among the next gen, providing startups with a physical location and tech enabled essential amenities like high-speed internet, personal meeting rooms, and conference/ event spaces. These co-working spaces also foster collaboration and networking opportunities among cross businesses.
Malls are integrating digital platforms that help startups manage both their online and offline presence across the cities. This includes offering in-mall delivery services, click-and-collect options, and digital payment solutions to ease the complete channel. Shopping malls are utilizing their customer’s data analytics to offer startups insights into customer behavior and preferences over time. This helps startups tailor their services and marketing strategies more effectively keeping in mind their target audiences.
Some malls are partnering with startup incubators and accelerators by offering space for events like entrepreneur round table, seminars, hackathons, and product launches to automatically grab the people’s attention with already present footfalls. Such an event or workshops are kept for weekends for higher chances of publicity. This creates a vibrant community engagement activity that attracts a younger, tech-savvy crowd. Malls keep hosting workshops, panel discussions, and networking events specifically aimed at startups regularly to uplift the businesses and keep customers engaged who might be there just for window shopping. These events provide learning and growth opportunities while also driving footfalls to the mall.
Startups are being encouraged to create experiential retail spaces that go beyond traditional shopping. This includes interactive displays, VR/AR experiences, or product demonstrations by the companies that engage customers in unique ways. Malls are setting up areas where multiple startups can share a single retail space, offering a diverse range of products under one roof. This model is considered to be cost effective for startups while providing customers with a varied shopping experience.
Startups focused on sustainability are being drawn to malls that incorporate sustainable designs and green spaces. Malls are also promoting startups that offer eco-friendly products, creating a synergy between the mall’s environmental goals and the startup’s brand values. Malls are investing in smart infrastructure, such as IoT-enabled devices, AI-driven customer service bots, and digital kiosks. These technologies help startups offer a seamless shopping experience to customers.
Facilities of high-speed Wi-Fi, mobile charging stations, and digital signage are implemented to support tech-driven startups, ensuring they can operate efficiently within the mall environment. Such collaboration with startups on marketing campaigns benefit both parties and are cost efficient. For example, a startup might provide digital services that enhance the mall’s customer engagement, while the mall offers promotional support to the startup. Startups are offered exclusive promotional opportunities, such as participation in mall-wide discount programs or special events that highlight their products and services without any extra cost.
Lastly, by embracing the startup culture, shopping malls in India are transforming into more than just retail spaces; they are becoming booming hubs of innovation, community engagement, and digital transformation. This not only attracts a diverse range of businesses to rent a space but also enhances the overall customer experience, making malls relevant in an increasingly digital world apart from just leisure destinations.
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