ASSET REPOSITIONING IN THE PHYGITAL WORLD
Is asset repositioning in the physical world the solution to reinventing the brand and keeping up with the changing times? Starting with that frequently asked question, Pankaj Renjhen- COO & Jt Managing Director, Retail Services, ANAROCK Property Consultants Pvt Ltd expressed that retail mall is not a job that’s once done. “Sometime back, end story of the malls had almost been written. High Street was the way to go then the phygital became the name of the game and e-commerce is becoming omni-channe. Every 2-3 years we see a new phenomenon coming in the sector.” Yogeshwar Sharma- Executive Director & CEO, Select Infrastructure Pvt Ltd added that in retail there are not problems but situations. “We have to deal with varied situations on a daily basis, however the brand development is much broader and deeper. If Nike tomorrow makes a hotel we know what to expect from Nike. Likewise a retail mall brand has to stand for something, whatever format or situation may develop, the brand recall remains the same.” According to Pushpa Bector- Executive Director, DLF Retail, retail is a target-oriented business. “It’s not that one can just experiment and get away with it. Each property has a character of its own. If we are trying to create cookie-cutter products it will fail. It is important to consider, within a catchment how relevant are you. One can see the audience has changed, they are more mature shoppers and as a mall establishment one needs to keep upping the game, shifting brands accordingly to catch the customer’s attention.” Dr. (H.C) Dheeraj Dogra – VP & Head Commercial Leasing M3M Pvt Ltd shared, “As developers one of the biggest challenge is to make spaces flexible that can be changed as the time and need demands. Also needed is the depth in retail, in terms of customer service. Additionally, one can leverage the online shoppers by providing pick up at the store that will give an instant gratification to the customer and footfalls to the mall. Most importantly, malls or cinemas have to cater to all price points to attract the customers.” Abhishek Trehan- Executive Director, Trehan Iris added that malls not necessarily have to be in the downtown or CBD. “Retailers have to reach people where they actually are. Neighborhood malls, Malls in tier 2 and 3 cities are doing well as they cater to the local catchment with ease of travel. Some shops are just display stores and their rent-to-revenue ratio may not stack up. The malls are now engaging with the retailers, understanding their challenges and helping amplify their merchandise. Because if the shops will do well, the malls will do well. Dr. (H.C) Dheeraj Dogra At one time, the biggest driver of footfall for the shopping center was cinema but now shopping centers have partially decoupled from the cinema. The talk is no more about number of screens in a multiplex but maximizing an auditorium’s capacity. Pankaj Renjhen The action has shifted from downtown malls to neighborhood shopping centers that have value brands, QSR and are typically open format with lower rents, maintenance charges and other outgoings. Abhishek Trehan Change is the only constant when it comes to retail. Understand how and where customers are spending their time, because this is where they will spend money. Most importantly, keep the weekends highly activated so that people keep coming back. Pushpa Bector Every business tends to reach a plateau. One has to keep listening to the consumers, keep adding more brands accordingly. Big anchor stores might optimize and downsize space, smaller brands might resize space. So, constantly being aware of what is happening keeps you informed, what is working and what is not. Yogeshwar Sharma
Tags : asset phygital world importance customer experience Pankaj Renjhen- COO & Jt Managing Director Retail Services ANAROCK Property Consultants Pvt Ltd Yogeshwar Sharma- Executive Director & CEO Select Infrastructure Pvt Ltd Pushpa Bector- Executive Director DLF Retail Dr. (H.C) Dheeraj Dogra – VP & Head Commercial Leasing M3M Pvt Ltd Abhishek Trehan- Executive Director Trehan Iris