It’s been more than a decade since organized retail came up in India. In the early phase of development, it was just restricted to plaza culture. Post 2003, mall culture started multiplying in the metro cities, and India started becoming the hub of organized retail. The modern Indian retail industry has gone through a plethora of changes to attain the stature that it has now. This article shows the way forward to establish successful shopping malls and commercial properties.
Though shopping malls are mushrooming across the length and breadth of the country, only a handful of them are running successfully, while others are losing their glory and are on the verge of winding up. Why is it happening? Well. Malls are more complex than normal commercial buildings. You need to do a detailed market research before taking the plunge.
Once you have decided to construct a mall, you need to determine if it's viable. To figure out if you should go ahead with your business idea, you need to ask questions like these:
Market feasibility study has various angles such as Competitor analysis, Market analysis, Customer analysis etc. Each has its own importance. For instance, a deep understanding of customer behavior will provide the right information to better understand what influences shopping patterns. The resulting consumer insight will immensely improve marketing performance. You will be able to take advantage of the following benefits:
All this detective work will pay off, either by helping you validate your business plan, sending you back to the drawing board, or convincing you to shelve it altogether. And don't worry if that happens, inspiration will strike again.