Mr. Deva Jyotula, Head KORUM Mall
Malls have long served as a centre for luxury brands, providing an array of high-end luxury goods in a chic setting. They are primarily a one stop shop for brands, ensuring that the consumer gets the most out of their shopping experience.
India is a dynamic market for the retail sector that has undergone a paradigm shift recently and offers a wide range of international and domestic luxury brands. Malls are often massive, with floors dedicated to brands, giving plenty of options to its customers to choose from.
Despite its size and grandeur, one cannot dismiss the rise of e-commerce which has resulted to the changing landscape in the buying patterns of consumers. Adapting to the rise of e -commerce, malls are bringing in innovations, offering its buyers a seamless and personalised shopping experience that cannot be replicated online. Another strategy that malls have introduced is the click and collect service, which allows customers to shop for brands in the comfort of their home, yet allowing them to experience the luxury of shopping in a physical store. In light of the COVID-19 outbreak, numerous fashion brands have reviewed their strategies to increase footfall.
Technology, changing demographics, and shifting consumer preferences have all led to a sea of change in the retail industry, in addition to changes in buying behaviors. Also, the younger generation, which includes millennials and Gen Z, has different purchasing habits than the generations before them. The demand for eco-friendly fashion labels has increased as the younger generation becomes more environmentally concerned and looks for sustainable alternates, even in luxury fashion. KORUM Mall’s dedication to sustainability and eco friendliness is demonstrated by its support of businesses that share these ideals, such as Fab India, which is spread across 5,000 sqft provides a variety of fashionable yet modern eco-friendly alternatives.
By providing customers with more than simply shopping, malls are redefining what it means to go shopping. They’re providing entertainment options. For instance, at the mall, we host a range of leisure events like summer boot camp, chess tournaments, karaoke and musical nights, food festivals, and much more.
With customer desire for digital experiences, sustainability, and with engaging retail experiences driving new trends and offering new development prospects, the year 2023 is most likely to witness tremendous transformation in the retail sector, especially for malls.
For many years, the retail and fashion industry has prioritised sustainability, and in 2023, consumers will still place a high value on it. Although consumers increasingly want more from apparel brands than just sustainability, this is still the case. They are looking for brands that are agile and proactive in responding to trends and creating engaging experiences. This has created an opportunity for apparel businesses to differentiate themselves from their competitors by going above and beyond what is expected of them and finding innovative ways to capture consumers’ attention.
In 2023, engaging retail experiences will be a major trend and fashion brands are responding by creating experiential retail spaces that offer unique and memorable experiences, such as pop-up shops, immersive installations, and interactive events.
Offering a diverse selection of stores and brands, from high-end fashion and luxury brands to fast-fashion retailers and local boutiques, is one of the primary ways that KORUM Mall delivers an interesting retail experience. There is something for everyone thanks to the wide variety of stores, which also keeps shopping fun and novel. Through its events and promotions, KORUM Mall also delivers an exciting shopping experience. The mall also hosts numerous events and cultural celebrations all year long.
KORUM is renowned for offering a wide range of food, entertainment, and shopping opportunities apart from a large selection of brands. The mall has advanced up the value chain, appealing to both the classes and masses. To improve the retail experience for its customers, the mall has undergone several changes. By increasing the number of mid-level brands and value retailers in its retail mix, KORUM Mall has expanded its customer base in one of the most significant ways. The mall is currently a go-to location for shopping in Thane thanks to its assortment of fashion and lifestyle brands in varied categories.
Furthermore, the mall’s commitment to provide its customers with a world class shopping experience can be seen through its offerings, such as the 10,000 square feet size Max brand that sells clothing, footwear, and accessories for the complete family, have been introduced at the mall. First Cry, one of Asia’s favourite baby and children’s stores that carries more than 6,000 brands and more than 2,000 unique products is available at the mall as well. Distinct domestic brands at the mall include Fab India, John Players, WYO’s Origin, D’Cot, which is a comprehensive fashion house with the newest and trendiest fashion apparels, among others.
Keeping in mind concept of “Fashion For All”, KORUM also hosts brands like Reliance Fashion Factory, spread across 10,000 sqft is uniquely positioned with a differentiated assortment of highly fashionable international and national brands at great prices. Catering to all fashion needs under one roof, it is a one-stop shopping destination offering ‘Brands for Less’, with fashion 365 days, discounts ranging from 20% to 70% on some of the best of brands in the category. Another feather in the hat is the brand “Zudio” from the house of Tata Trent, spread across 800 sqft which aims to provide constant newness in fashion and offers a wide variety of apparel, footwear, accessories and beauty products to a large value-conscious yet fashion-forward audience.
In conclusion, sustainability, digital practices, curated events will be key factors in the retail sector in 2023. Prioritizing these trends and coming up with innovative ways to set oneself apart from the competition will put malls and brands in a strong position for future growth and success.