Invest in Malls ‘the powerhouse of retail’?
Want to invest in Malls ? Look to Dubai which has the second-highest density of shopping malls in the world with retail sales forecasts to exceed $43b by 2021.
Analysis based on recent data from Euromonitor International, Core Savills Research, Mastercard and New World Wealth.
The typical retail commercials are being replaced by managed and organized retail Malls in Lahore. The trend of Malls is booming: Emporium, Packages and now Goldcrest Mall (First Grand Mall in DHA Lahore) are leading the market in this latest trend. The advent of Malls in the commercial retail sector in DHA Lahore is going to change the dynamics of commercial investments in days to come. The retail sector is most likely to move in Malls and rightly so and we can already see the impact on Phase 3 commercial market of Y and Z blocks.
In times to come as more Malls open up in DHA Lahore, such as Dolmen Mall in Phase 6 (Under construction), it gives a clear clue, where our rental retail sector is moving.
Today we will discuss about why both customers and retailers are preferring Malls instead of typical commercials and why these could become the next big investment hub.
Benefits for Customers
Who wants to struggle through the blinding heat to get to the store with all the flies and the dust of street shopping? Who needs to waste time driving from store to store when everything you need is in one place? Who needs the arguments and headache of trying to keep all members of the family happy? The mall has it all. It is a cool, beautiful sanctuary of all the best things in life. It is also the ‘powerhouse’ for retail investment.
A Social Event for all the Family
A visit to the shopping mall is an outing for all the family; a chance to dress in your best and spend the whole day in a range of activities. Where else can you find something for everyone, from grandparents, parents, teens and grandchildren? You can shop for clothes, for your home, chat over a coffee, watch the crowds go by, enjoy restaurant dining and even a film. Teenagers love to go browse the fashion and gaming stores. Little ones love the cartoon characters, shows and rides. Grandparents love spending time with their families and showing off their brood. Parents get the chance to reward all their hard work with some ‘retail therapy’.
The mall is a convenient, ‘one stop’ shop for all your needs. It has easy access and free parking. It is air-conditioned, beautifully clean and spacious with someone else worrying about how to cater for and entertain all your family.
It can be fun to browse the latest fashions and buying trends with family and friends. Even if it is sitting in a café and waiting for the others to come and show their purchases, people watching is a fun or relaxing way to spend some time.
You get immediate rewards. No looking at a tiny picture on a computer screen or phone. No waiting for a shipment. No photoshop or artfully lit pictures which hide the flaws. This is a ‘hands on’ experience where you get to see the goods properly before you buy. If you have to return them for any reason, there is physical place to do so.
A stroll around the mall, enjoying shopping and chatting, is beneficial to your mental as well as physical health. A day out shopping can burn the same calories as a 30 minute work-out. You can conduct business over a coffee, chat with friends and family and catch up with all the news.
Benefits for retailers?
Anchor stores benefit from global branding and huge advertising budgets which cascade down to benefit all retailers in the mall. You can reap the rewards from someone else’s advertising, and vice versa.
Excellent Foot Traffic:
You can expect great foot traffic. People have made time to browse and are there to spend. You have a ‘captive audience’.
Variety of Customers:
Your potential market opens up exponentially for new types of consumers who wouldn’t ordinarily go to a standalone store for your goods.
Convenient Customer Parking:
It’s so much easier for your customers to park in a mall than a trendy shopping spot in a city. They won’t arrive stressed from having to search for a parking spot.
This sounds strange but it is a recognized marketing ploy and why big brands will often choose a store next to similar retailers. Customers are more likely to buy if they feel they have compared prices and goods in one place.
Increasingly, stores are a ‘showcase’ experience. Apple has moved the majority of its stores away from the high street into malls to showcase its latest products. Cosmetic stores offer make-overs to pamper customers and encourage them to ‘try before they buy’. Free samples encourage shoppers to buy things like fragrances. Clothing stores curate their items to create a ‘look’ and can have models to showcase a particular trend. Gaming stores allow the teens to test out the latest games before they buy. Food halls give you a taste of a variety of cuisines.
Invest in Malls Opportunity of a Lifetime
The modern mall is an excellent investment opportunity. You will benefit from a managed community of diverse retailers which will increase your market exponentially. It is a proven retail experience that draws in consumers and retailers both. The Big Guns like Mian Mansha “Nishat group”, Syed Babar Ali “Packages Group” have already jumped in on the opportunity to invest in Malls.
A wise man once told me, follow the footsteps of the successful and you can win over the world. So may be its time you ask yourself who are you following ?
Capt (Retd) Shahnawaz Yaqub Bhatti
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