Retail sector turns shopper-centric

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Brix Research surveys thescene     Retailsector has made a paradigm shift from being a row of shops located on theroadside to moving into showrooms in afour-walled structure. The "Mall culture" has given an extra edge toretail market. It took some time in the beginning for people to accept andadapt to the emerging culture, but gradually, shopping is now all bout a mallexperience. With change in shopping pattern, most consumers look for a more efficient andserviced shopping experience. Trends are changing, and now, nobody wants toroam around under a scorching sun and hop shops to purchase assorted items likegroceries, toiletries and clothes, each from a different shop. Today, peoplewant one-stop shopping where they find everything under one roof. There are a few areas in Delhi whose profile has changed drastically after the advent of shopping malls andshopping complexes , like Rajouri Garden , Pitampura,Wazirpur, Rohini and Shalimar Bagh. Malls spree — Rajouri Garden      Rajouri Garden in West Delhi is one of the busiestmall hubs. With five functional malls - Lifestyle, TDI , City Square, West Gate and Paragon Mall - the place is jam-packed on weekends and one can have atorrid time hunting for parking space near these complexes.     Santosh Kumar, a property dealer in West Delhi , says: "Earlier, in 2006-07, these malls were lyingvacant and there were hardly any footfalls. But now, they have become verypopular and receive a large number of footfalls."     Nisha Kapoor, a resident of Rajouri Garden ,says: "I used to shop from Rajouri Garden 's local markettill 2006, but now I shop in only malls. It is actually very convenient to doshopping inside a mall and I also get a chance to meet friends as we can spendtime together in food court."     Malls have changed lifestyle, thinking and shoppingpattern of consumers. This has also increased commercial and residential values in Rajouri Garden . Another factor going in favourof these malls is connectivity - Rajouri Garden is on the Metroline, enabling people from other parts of Delhi to travel here easily. Emerging shopping hub — Shalimar Bagh      Shalimar Bagh is the other area in North Delhi thatsaw a similar transition in retail sector. Commercial market of Shalimar Bagh was inactive and there was no popular shopping hub before thelaunch of malls. Then, two new shopping malls, DT City Center of DLF and Shopin Park of BPTP , came up and gave the area afeel-good factor.     According to Brix Research Vacancy Report, vacancy inthe malls has been constantly decreasing from the time of opening with currentoccupancy at 70-75%. The number of footfalls has also increased and the mallshave attracted residents of Shalimar Bagh and nearby areas like Ashok Vihar, Lawrence Road , Model Town and Wazirpur.     Pradeep Kumar, a local property dealer, says: "TheDLF DT City Centre mall has started doing good business and is witnessing adecent amount of footfalls. Earlier, the mall was lying vacant owing to aslowdown in property market, but for the past 6-8 months, its occupancy isrising and is doing average business. This has also increased commercial andresidential property values of the area." Chain of developing malls — Rohini & Pitampura      A similar trend was seen in Rohini, where there areapproximately eight malls in pipeline. Out of them, four are operational andrest are under construction. The malls which have opened are Metro Walk,North-Ex Mall, PVR Prashant Vihar Mall and Vikas Surya Mall.     According to the Brix report, vacancy in shopping malls , have continued todecrease from 2007 to 2009 in Rohini. Sajeev Kumar, a local realtor, says thatmalls in Rohini have developed and the number of footfalls has also increased.The commercial and residential values of Rohini experienced 15-20% increaseover the last two years with these malls up and running.     Usha Kapoor, a resident of Rohini, said the coming ofmalls has given a new identity to the place and residents feel they are livingin a high-end locality.     Wazirpur and Pitampura are the others areas where mallshave played a major role in changing the areas' profile and in divertingpopulation. Pitampura's malls like M2K Pitampura, North Square Mall, AggarwalCity Mall and Movie Time have attracted people from neighbourhood areas for shoppingand dinning. A few malls are still developing and are not yet fully occupied;but it is expected by market agents that once market recovers from slowdownimpact, all these malls will to do good business.     While malls have changed shopping style and demand ofconsumers, this has also given way to international brands to set up theirshowrooms in India .They have increased popularity as well as real estate values of the area asfound by Brix Research analytics team. Courtesy:- Times Property dtd:- 06-02-2009   More information: about Real Estate,Real Estate india,property,   http://www.zameen-zaidad.com/ http://www.propertycafeteria.com/

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