Ghost shopping malls are on the exceptional rise in India! Why?

Because the future of retail is not Phygital but Mixed! Sounds crazy! I love it.

According to Knight Frank India’s latest report- Think India Think Retail 2024”, there are an?estimated 64 ghost malls in India (a 58% increase in comparison to the?previous year), totaling approximately 13.3 million square feet of gross leasable area (GLA).

The report highlights a 238% year-on-year increase in the Gross Leasable Area (GLA) of all shopping centers in prime Indian markets. The National Capital Region (NCR) accounted for the highest stock of ghost shopping centers, followed by Mumbai and Bengaluru.

Some people believe that the change in consumer behavior, with more people opting for online shopping and larger malls for a better experience, is the main cause of “Ghosting”. However, in my opinion, the real problem lies in the lack of innovative thinking and the inability to develop a comprehensive retail business model that directly impacts the consumer through the four modes of marketing (4P’s): place, product, promotion, and price. Each of these four elements directly influences the customer's experience in the retail environment.

?A shopper usually comes across many retailers in the marketplace, each having its overall product offering. One retailer may be attracting customers due to its unbeatable location and visibility, another based on discounted prices, and?someone based on a?variety of merchandise or specialized product offerings.

If small retailers promise to offer the convenience of fulfilling daily needs at your doorstep, the big retailers promise to offer better value in terms of competitive pricing and the?convenience of making all products available under the same roof. Then online retailers are trying to outsmart conventional retailers by killing time and distance constraints.? Thus, it is seen that the?retail marketplace has become very competitive and challenging over a period.

?Like any marketer, a retailer has to decide which kind of market it should cater to satisfactorily. Therefore, the retailer has to explore many options to differentiate themselves in the marketplace and appeal to its target customers. The options are available in the form of combining different elements of the?retail mix. The retail mix is mainly deciding about merchandise, price, promotional mix, location, services extended, etc. to serve the needs of the?target market in a manner that provides the best-in-class experience to the customers.

?In today's business landscape, speed, convenience, and customer experience are crucial for small and medium retailers to remain relevant. Without the knowledge of “modern retail management”, these businesses struggle to survive, whether they are in a shopping mall or operate as standalone stores. Thus, creating an economic vacuum.

?I see the retail industry as having enormous potential to develop millions of entrepreneurs and bring the benefits of economic development to everyone, even to the last person in line. This can help people live a dignified life and become the best version of themselves.

?The key is to empower millions of young people and professionals by revealing the secret that their education, which was meant to empower them, has instead made them seekers and unfit. Now is the time to discover and become the best version of themselves and become the leaders in the?“Experience Economy.”

?If you are operating a retail store, owning a franchise, facing challenges in achieving a?return on investment, seeking employment opportunities as a young adult, experiencing professional stagnation, aspiring to embark on an entrepreneurial journey, or managing a shopping mall with substantial available space, you must talk to us. Why? Because we let you experience the best version of yourself at a fraction of the?time and cost. How do we accomplish this?

?At PkC, our mission revolves around debunking the prevalent misconception that a formal degree is a prerequisite for entrepreneurship or achieving your career goals. Our motto at PkC encapsulates this sentiment - "Degree Nahin, Real Bano, PkC karo."

?#PkC #Degree Nahin Real Bano #Experiential Human Beings #Retail management #Entrepenuership #Employment #Businessskills

With Love

Girish kashwani

#Bharat kaa Rahne Wala Hoon # Bharat Kee Baat Sunata Hoon.

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