India has enough retailing in most micro markets, and there is sufficient experiential basis for retailers to understand the benchmarks and figure out if their products will work well or not. Experienced retailers right-size for efficiency, productivity and economy.
Gurgaon’s residential market performed decently in 2012, but the performance was not uniform all across. There were high levels of unsold inventory in some of the projects, while many others sold exceedingly well.
Everstone has tied-up with Jones Lang LaSalle India for providing retail property management services to four shopping malls at Pune, Kochi, Vadodara and Ahmedabad.
Typically, the Indian psyche is skewed towards self-sufficiency, and many mall owners had, in the past, addressed mall management as a simple facilities management function. However, with the increase in competition, quite a few developers have started outsourcing the overall management of their malls to professional agencies. This trend is likely to catch up as the battle for footfalls in malls gets bloodier.
With the provision of more entertainment options in malls, Indian retailers now have vastly enhanced their ability to increase sales. Until recently, street markets and bazaars were the top performers in the retail space, and they were cornering a huge chunk of the overall sales. However, traditional markets now have to imitate malls by creating a better overall shopping experience for potential customers.