Tuesday, October 10, 2023

Mega Malls Transforming the Shopping Experience of Buyers

The first malls in India came up in 1999 which was a major shift from the traditional way of shopping. Though the markets existing earlier were more or less enclosed markets where goods and services are sold but such places were always in demand where diverse commercial spaces existed together. Though the traditional marketplaces were the primary commercial form of transaction of products but they were unable to adapt to a quickly developing consumer habit called shopping in India. From the 2000s onward buyers in India felt a rising demand for a modern infrastructure strongly marketed as the shopping malls which had more dedicated spaces to individual products, operated in a controlled environment, and built to accommodate a variety of retailers.


Today with the technological advancement malls like Saya Status Mall, a mega mall which require significant investments, is located in large cities. But the most popular types are "conventional malls," which have a typical anchor store to draw customers and a few restaurants, and "lifestyle centers," which place an emphasis on food, wellness, and entertainment services in addition to retail.

However, there are some other malls that exist like "luxury malls," which are solely focused on luxury brands. There are certain "outlet malls," which sell things directly under their own labels, and "theme-based malls," which offer specialized activities like gaming or high-end goods like vehicles, are less popular types. 

Several malls failed to draw and keep a sufficient number of customers—retailers and visitors—due to bad location choices, inadequate design, poor upkeep, an unsuitable mix of stores, expensive rents, and maintenance expenses. Other explanations have also been offered, like the increasing competition from internet retailers in India or cyclical elements like the world economic downturn.
But Saya Status Mall breaks the usual stigma attached to different categories of malls in India. This commercial project has amazing conversion ratio, turning visitors into paying customers apart from increasing foot traffic volume.

The builders of the mall have focused towards providing customers with focused spaces for "shopping" "watching a movie," "meeting friends," "dining out," "enjoying ambience," and "window shopping” the "ambience", "physical infrastructure", "product proposition", "convenience", and "safety and security.  Saya Group, a real estate developer based in Delhi-NCR, is investing more than Rs 2,000 crore to build India's tallest mall. Once the mall gets completed it will reach a height of 150 feet and will offer commercial shops for sale on Noida Expressway. The overall built-up area will be 1.4 million square feet, and the leasable area will be 1.1 million square feet.

Once completed Saya Status Mall would have nine stories and include a variety of upscale brands and facilities. This project will be built on 4.6-acres parcel of land which has already been paid in full.


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Mega Malls Transforming the Shopping Experience of Buyers

The first malls in India came up in 1999 which was a major shift from the traditional way of shopping. Though the markets existing earlier w...