Malls & Future of Retail Market, in India
The success of a mall can be subjective, and various factors contribute to its performance, including location, marketing strategies, tenant mix, and overall customer experience.
Here’s the incredible ranking of the top 10 biggest malls in India that you must visit at least once! Dotted across the country, these malls are filled with bustling energy and exciting experiences.
Lulu International Shopping mall, Kochi
Lulu International Shopping Mall in Kochi boasts to be the largest mall in India. Covering a sprawling area of 17 acres with over 225 outlets across four floors, Lulu mall has opened doorways to more than 100 biggest international brands in Kerala.
DLF Mall of India, Noida
Noida, a bustling city in Uttar Pradesh has jumped up the ladder of top metropolitans in India in the past few decades. The city has a lot of exciting experiences to offer, and one of the biggest malls in India, DLF Mall of India is one of them!
Select Citywalk, New Delhi
Select Citywalk is the second biggest mall in India list. Sprawling across 1.3 million square feet of land, the mall has several movie theatres, fine dining joints, and the greatest brands.
Elante Mall, Chandigarh
Elante is India’s third-largest shopping mall with a total square footage of 1.15 million. The mall features more than 200 retail outlets, an eight-screen theatre, and around four stories, plus two basement floors.
Phoenix Market City, Mumbai
Phoenix Market City sprawls across 40,50,000 square feet. Before the opening of Lulu Mall, Kochi, if you asked which is the biggest mall in India, it was Phoenix Market City.
Fun Republic Mall, Lucknow
The Fun Republic, one of the top malls in India in Lucknow’s Gomti Nagar, was built by the Zee company. It has a 970,000-square-foot floor area and is the fifth-largest mall in India.
World Trade Park, Jaipur
The World Trade Park in Jaipur, one of the country’s largest malls in terms of square area, is notable for having the first picture projection technology on the ceiling. Overall, visiting this mall to shop is a unique experience.
Mantri Square Mall, Bangalore
Bangalore’s Mantri Square Mall, which was opened in 2010 by Mantri Developers, has become a well-known icon in recent years. It is one of the largest malls in India in terms of retail space and the only one in the nation with direct metro connectivity that is operating.
Phoenix Market City, Pune
Another addition to the biggest mall in India list has been built by the same developers as Phoenix Market City, Pune, and Mumbai. This is the top mall in India to assist you if you intend to engage in some serious retail therapy in Pune.
Orion Mall, Bangalore
Orion Mall Bangalore is a one-stop shop and dining destination for everyone visiting Bangalore. One of India’s largest malls and the distinct atmosphere here further enhance the distinctive experience.
Mumbai will have only 10% of this new retail space. The other malls will come up at Bengaluru, Pune, Hyderabad, Kolkata, Chennai, and the National Capital Region. As many as 25 malls are set to be launched across the top seven cities of India in 2023.
By 2025, Noida in Uttar Pradesh is all set to become home to India’s tallest mall, named as Saya Status, by the Saya Group.
What is the future of retail industry in India?
Presently, India is amongst the top five retail markets and is expected to be the world’s third-largest consumer market by 2030. This growth trajectory demonstrates the immense potential and promising future of the Indian retail industry.
- E-commerce Growth: The Indian e-commerce industry is expected to cross the $350 Bn in GMV by 2030. Indian retail market is estimated to reach $2 Tn by 2032, driven by socio-demographic and economic factors such as urbanization, income growth and rise in nuclear families.
- Omni-channel Retailing: Retailers were focusing on integrating online and offline channels to provide a seamless shopping experience for customers. This approach, known as omni-channel retailing, allows consumers to transition effortlessly between online and physical stores.
- Technology Integration: The adoption of technology, such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI), was anticipated to enhance the customer shopping experience. Retailers were exploring innovative ways to use technology for personalized marketing, virtual try-on experiences, and efficient supply chain management.
- Rise of Private Labels: Retailers were likely to invest in developing and promoting their private label brands. This strategy allows them to offer exclusive products, differentiate themselves from competitors, and potentially improve profit margins.
- Phygital Retail: Phygital retail is the blending between online and offline storefronts to provide your customers with an immersive, personalized experience. It enables retailers to connect with customers in real-time, both online and offline. This involves leveraging technology in physical stores to enhance the shopping experience, such as using interactive displays, smart mirrors, and mobile payment options.
Conclusion
The future of retail is an exciting and transformative journey. Technology will continue to reshape the industry, offering opportunities for innovation and growth. Retailers need to adapt to changing consumer expectations, leverage emerging technologies, and embrace sustainability and ethical practices to thrive in the future retail landscape.