I recently visited the Select CityWalk mall (http://www.selectcitywalk.com/) in New Delhi. Whoever has had a chance to visit the mall would have no doubts about the viability of luxury retail in India. I have also had a chance to briefly meet and hear their CEO Pranay Sinha (http://www.linkedin.com/in/pranaysinha). Besides being an eloquent speaker, Pranay displays an in depth understanding of retail and mall management. All of this reflects in the mall.
Lest this sound like an ad for that mall, I only want to comment on the upswing in the high end retail in India. Whilst we all keep talking about the income pyramid being a diamond in India, thus denoting the expansion of the middle class, the footfalls and conversions at some destinations stand to question this. Perhaps, the top of the pyramid is also rapidly expanding. There is tremendous underlying opportunity for high end retail in India and hereafter, the biggest constraint i.e paucity of appropriate location is taken care of. Way to go!
2 comments:
Hi Garima,
Where are the customers? Major Indian in rural and urban area are doing purchasing in unorganized retails. They still believe that malls ask for more money.
Secondly this year, so many malls have closed down, do you still think that there is a great future ahead for them. http://www.indiaretailbiz.com/blog/2008/09/12/1366/
Thanks
Pratap
Garima,
was happy to note your view in your blog.. Citywalk was conceived as a blend between the masses and the classes, tradition & modernity, which was our interpretation and reflection of our target consumer.. the South Delhi woman; value conscious, yet indulgent, karwah chauth coexisting with vodka-orange and I-pods; very plural, very comfortable with the past and embracing the future.. change being the only constant with her. Guess the challenge for the malls of tomorrow is to offer content (shops) that, collectively, continue to refglect our changing shopper.. Pranay Sinha
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