Amid the frenzy of online shopping mania, shopping malls are making a comeback, according to a cross-section of industry experts who deliberated over two days at the MAPIC India conference, which concluded on Thursday.
The demand for shopping malls is particularly driven by tier II and III cities, as the investments made in these markets over the past decade have started yielding results. Shibu Philips, Director of Shopping Malls at Lulu Group India, stated, ‘The average purchase value at a tier II mall was Rs 21,400, while in a metro city like Mumbai, it was Rs 24,000. People who have returned to their hometowns post-pandemic have aspirations supported by purchasing power.’
Endorsing Philips’ view, Praveen Govindu, Partner at Deloitte India, pointed out that Indian malls have approximately 1.5 times the daily footfall compared to high streets, with a 25-30 percent higher conversion rate. Additionally, 45 percent of customers spend more time at malls than at other shopping venues, such as high streets and local markets.