Ever since the advent of E-commerce in India, retailers have faced the heat of unmatched discounts from the deep-pocketed online competitors such as Amazon and Flipkart have offered the customers with. Convenience too has played a key role in the growth of E-Commerce as customers need not get out of the comforts of their homes and simply shop online.
One such mall that has seen it all is Korum Mall which is situated in Thane, Mumbai. It was launched in 2009 and has won 58 National and International Awards. KORUM Mall has emerged as one of Thane’s most loved and visited shopping destinations. Owned and controlled by Kalpataru Retail Ventures Pvt. Ltd., a Kalpataru Group company; KORUM is a recreation center for people to simply spend time with their loved ones.
Located in the heart of Thane city on the Eastern Express Highway, it is easily accessible from all the parts of the city and central suburbs of Mumbai.
Medianews4u spoke to Deva Jyotula, Retail Head, Kalpataru Retail about what should malls do to compete with an e-commerce platform.
What has been the impact of E-Commerce on the business of shopping malls? How is Korum Mall Re-inventing itself in the age of E-Commerce?
In the past decade as shopping, dollars have migrated online, and a parade of well-known retailers toppled, malls that did not evolve fast enough stumbled into a devastating cycle of dwindling traffic and lower sales. Shoppers have got more inclined these days towards online shopping due to comfort and discounts offered. Also, fast and free home delivery options like Zomato and Swiggy offering the quick delivery promise of the smallest meals have picked up in the last 2 years. BigBasket and Grofers have also changed the way we buy groceries. A huge variety of online food delivery platforms are expanding choices and convenience allowing consumers to compare offerings and order meals through a single website or an app. Online luxury clothing stores like Zara, Myntra, Ajio and Tata Cliq allow shopaholics to buy apparels and clothes online offering a wide range of choices.
However, some people prefer to pick power dressing and occasion shopping at their favourite stores by personally checking out their choices that give them a physical touch. Malls are majorly recreation centers where families can come and spend quality time together. Work peers catch over a beer post working hours and friends catch over food, movie dates or just hang out together with friends. Thus malls are focusing more on the Gaming zone and food court corners because that’s where consumers have been spending more time as compared to shopping in person. The thriving malls are spending millions reinventing themselves as lifestyle hubs and thus are adding go for entertainment centers.
Korum mall offers many spaces like Smaaash, Timezone, Zoobie Doobie, early morning yoga sessions for the fitness enthusiast, fashion events, Zumba sessions, etc. The mall is positioned more than just a shopping destination where community events are held for women who want to spend more time with each other and explore new things.
What are some of the marketing initiatives/activations that Korum Mall implements?
Korum has been involved in undertaking various marketing initiatives to increase the footfalls at their mall. Some of the activities are listed under.
Events and Concerts: Korum mall has been organizing events on a large scale targeting different age groups. It has been involved in presenting exclusive live concerts for enthusiasts and fans who want to experience their favorite singers and live performances at the mall
Food Fests: Maggi and momo fest gathered a lot of youth and food bloggers due to its variety of Maggi and Momo delicacies. Being associated with Curly tales during the fest resulted in attracting a younger crowd.
Summer Activities: Every summer vacation, activities like summer camps, summer boot camps, stage shows, rock climbing, zipline resulted in repeated footfalls in the malls.
Shopping fests: Korum has also been involved in organizing shopping fests, market fleas, denim fests offering various discounts and offers and a huge variety of apparel for the college-going students during the month of June. Dazzling Diwali was celebrated at the mall offering varieties in Ethnic fashion and gifting.
Valentine’s Day Celebrations: Cheers fest – to extend the celebrations with loved ones, special offers and Festival Menu on Food and Drinks at the all-new sit-down AngreziPatiyala, Thane Pub Exchange, Barbeque Nation, Pop Tates, Urban Tadka and Indiana Waters for the younger generation to come and have a good time with their loved ones
What according to you is the need of the hour for malls? What should malls do to remain in business and not get bogged down by E-Commerce?
Online retailers like Amazon and Flipkart offer festive sales and discounts due to which malls and retail stores experience a massive drop in footfall and lose sales within the online sale period. The biggest sales organized are between the months of Sept to Nov during the festive seasons when they organize Big Billion Days and Great Indian Festival Sales.
The study shows that offline sales resulted in a drop of 30% during the online sale period. Hence there is an urgent need for malls to get established as entertainment and recreational destinations and not just shopping centers. The Anarock Property Consultants report confirms that India is set to get over 65 million sq. ft. of new mall spaces by the end of 2022. There is certainly a need of high-quality retail destinations and social space like food hubs and entertainment centers which will result in the retail sector witness new trends.