The Detail of Retail!!
Spending My Day with a Client this Wednesday…We hopped 12 Malls in Quick Succession…….And got some Learning’s. Thought of sharing with you…….Not that you would not know…..But Still listening from some one else helps us in believing a bit more in the same.
Revelations
- Weekend is Good, But Weekday sales are not Bad either.
- Some Kiosks (Counters in the aisle) make more money in the Mall, than your neighborhood’s best retailer.
- Some Kiosks pay more rent than some of the Shops on Second Floor in the same mall.
- After School….We used to go to Home, Have lunch and Rush for Tuition. Now you would find Teenagers in their School Dresses in Food Courts, Restaurants & Movies.
- Few Years Back….When DLF Emporio (The Super Luxury Mall with Brands like LV, Cartier, Tarun Tahilani and Ilk) Opened, It was questioned. “Is it Required”. Now, the mood is……One is not enough, We want more.
Future
- Customisation is the key or you would be thrown out. Ed Hardy….is Popular for it’s Skull Designed and embellished T-shirts …But in India……rarely people want to adorn that Rockstar look and moreover wearing Clothes with assumedly unholy/Scary Symbols is a taboo…..If not for the wearer, atleast for the parent. And hence I saw that it’s Select City Walk Mall Store and Ambience Mall, Vasant Kunj Store was closed too.
- If as a retailer you think, you can buy routine Stuff from outside and sell it at a higher price inside a Mall….You couldn’t be more mistaken, The Customer is more intelligent than you are.
- Birthday parties are happening in every Mall on every day, at every restaurant.
- Return Gifts are getting Flashier and more innovative.
- Everybody is evolving with a Premium Version of their Models. Yo China, now has a Yo China Café, PVR(Rs 325) now has a Directors Cut(Rs 950). Niche Market, But Highly Paying Market.
- Kuch Chale na Chale……Food will Reign Supreme in India. On a Wednesday afternoon…..we could find most of the Food Courts full. I wonder what would have been the scenario a day before…..2nd October, which was a National holiday.
- Routine is out, Innovation is In.
New Customers
- 5 Years back….. Affluent Housewife were the Biggest Spenders….Today, her Teen daughter is fast catching up.
- Teen Guys as earlier are the same albeit in a different way…..They Spend on Gadgets, Girls, Games, Garments, Grooming in similar order. The 5G.
Entertainment
- People are dying for entertainment. They want options. Sadly…We don’t have many. The only one we have in huge Supply is Movies. The Indian Customer is no longer interested in Amusement Park as it is in outdoors and hence is always open to the Extreme Heat, Rains and the Chilly Winters. Hence, people are shifting towards Indoor Sports……Such as Ice Skating, Bowling, Gaming Zones, Sports Bars. There is where the future lies
Concerns
- The only Stores we found Empty were the Book Stores. Now, if those Customers have shifted to Online Purchases or Online Versions…Then Good…Otherwise, it is not a Good Indicator. Apart from spending time on “”FaceBook”” We need to “”Face A Book”” Too
On the Whole…..We Indian Shoppers have started dictating Terms to the Retailers/Restaurants/Family Entertainment Centres/Cinemas and Malls. And they better Listen or Loose us.
Would be great if you would share your Observations and Views too on the same.
All Images have been Sourced from Google.com
Next Blog: All About M-All