In a straw poll conducted on our Instagram, 70% of responders said they have not been to a mall yet, and a majority have no plans of heading to one any time soon. Not surprising, considering the Covid-19 numbers in India show no sign of a consistent downward trend. As one reader DM-ed us, "I haven't got it yet, and I would like to keep it that way."
Anuj Kejriwal, MD & CEO – Anarock Retail, an advisory consultant firm, says, "In the pre-Covid-19 months early in 2020, organised retail accounted for just 10% of the market share and was expected to grow to 25% by 2025. However, now this may take longer.” Consumer spending has also dipped because of the overall economic gloom and employment uncertainty.
That being said, there are also positives and new trends emerging. Local shops have gained significant customer confidence, open-air spaces are slowly gaining popularity, and mall owners are focussing on omnichannel retail options. Retailers are counting on festive season transactions to make up for lost time and business. Instagram has become a telemarketing platform; fashion designers are finally getting their own e-commerce sites; and stores are coming home. In this special issue, we explore these trends, with experts telling us what to expect in the coming months.
