11 December 2023, Mumbai
WHY India
Indian retailers are doubling down on in-store experiences to draw customers in the post-pandemic era.
They are expanding their retail spaces by 30-50% despite high rental costs, betting on unique and immersive experiences to stand out from the crowd.
Trick of the trade
It's not just about attracting foot traffic, but also about converting visitors into loyal buyers.
Retailers understand that in a $4 trillion economy, success hinges on experiences, not just products.
Data drives the trend:
- The top 7 Indian cities saw a 3.16 million sq. ft. gross leasing in retail in the first half of 2023, demonstrating consumer confidence and retailer commitment to experiential design.
- From January to September 2023, retail areas across major cities grew by 4.73 million sq. ft., reflecting the industry's agility in adapting to changing consumer preferences.
Beyond merchandise, experiences take center stage:
Pankaj Renjhen, COO and Joint-MD of Anarock Property Consultants, emphasizes that physical stores are now about engaging the customer, not just displaying products.
Retailers are not only expanding existing stores but also opening new ones, capitalizing on a booming organized retail market.
Data -points
CBRE India reports a significant 46% year-on-year growth in retail sector leasing during the January–September period of 2023.
In essence
Indian retailers are embracing a new paradigm, prioritizing experiences over mere merchandise to win the hearts and wallets of today's consumers.
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