Retail & Commercial Realty to rise with bloom post the pandemic blues

As the COVID-19 virus holds the nation, the Indian Commercial Real Estate sector and malls foresee an adverse impact on their businesses. Nevertheless, the surveys, reports & experts comments have the same notion of shifting to digital platforms which is the next future in India.

Social distancing & E-Commerce:

Social distancing has become a new standard, even after the lockdown will be lifted, not many people will go out, as the fear of going to crowded places has increased in people and it will be better in some time. This will lead to enhanced online shopping, and the brick-and-mortar retailers, along with malls, need to shape an omnichannel approach to impede the e-commerce challenge.

The post-pandemic nation will behold a change in consumer behaviour and overall lifestyle. The careful consumer will abstain from spending on luxury, travel, hospitality, movies, fine dining, white goods such as large electronic items & expensive gadgets. The user mindset will move towards more savings, as intimidation of pandemic relapse is rising at large; all this will impact the overall retail consumption.

The improvement from these changed behaviors and shopping pattern is estimated to stretch for 6-9 months at least. By the last quarter of this year ahead, 2021-22 will observe the period of normalcy. This will surely benefit the malls & shopping centres which are under construction & can have the ability to drive towards strategically planning as to adapting the new normal in the routine.

Omnichannel Malls- The need for the future:

Satisfaction is the primary reason buyers opt to shop online. The comfort and pace of online shopping have inflated consumer expectations for how comfortable shopping should be, and they carry these expectations with them into the physical store. One hopeful answer to these difficulties is the alteration of shopping centres into omnichannel platforms, and progression for which they hold both excellent conditions and vast potential.

The purchasers now will need interconnected online and offline channels from where they can deliberately prefer, depending on the product, which channel they use to get information about an item and where to order it. Malls can get into the extension of their contributions to online channels and via the union of all brick-and-mortar and digital channels to implement an omnichannel reality.

What will be the way forward?

In the meanwhile, reinventing and relearning is essential for germination. In a society where social distancing has become the new pattern, it is vital to renew the companies for visiting relevant to the new-age strategic digital customers. It is imperative to stay equated with the customers during the lockdown period as well through the method of social media, surveys, active digital campaigns and even exciting online contests. It is necessary to be on top of the customers’ minds, not to make earnings but to show assistance during these trying times. Maintaining sharp lines of contact and interactions is key to sustaining the consumer base.

The path to recovery might, at this point look complicated. However, with the right set of policies and executing them on time, retailers and malls can still run their businesses optimally until the normalcy returns. With the recent study, (Source- Economic Times), Big restaurants may walk out of malls to high streets. This is because high streets have the lower rentals, cheaper maintenance, & drive through options. Restaurants in high streets may open before those in malls, which are deemed the highest risk for disease spread. Second, even when malls open, business timings may be limiting, and consumer apprehension high, which is not the case in high streets.

About Spectrum Metro-

Spectrum Metro, positioned in the prime area of Sector 75 Noida is an outstanding high street commercial project amidst retail shops, multiplexes, food courts, serviced apartments, hypermarkets & office spaces etc. Spectrum Metro avails an offer where you can book a commercial space & the booking amount will be donated to PM RELIEF FUND on your part. PM CARES Fund was founded on 28 March 2020, following the COVID-19 pandemic in India. The fund will be used for helping efforts against the coronavirus outbreak. Also, you can get assured gift on every booking. The best investment is in front of you! Book your property now!