Retail real estate adapting to the rise of e-commerce
The surge in e-commerce has transformed the face of retail industry in the country, creating business opportunities as well as posing challenges to conventional real estate in India. With e-commerce growing rapidly and more people enjoying the benefits of online shopping, shopping malls and physical retail places are getting significantly impacted. Yet, despite the challenges brought by the changing dynamics, there is a sense of confidence among the leaders in the industry for adapting to the changing surroundings.
“The emergence of e-commerce has indeed been disruptive but it has also created new pathways for the innovation,” says Anurag Goel, Director at Goel Ganga Developments.
“Shopping stores that provide unique customer experiences, entertainment, and mixed community settings instead of old amphitheaters and empty parking lots, will paradoxically succeed in the new era of this evolving world,” he adds.
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Echoing similar views, Aman Gupta, Director at RPS Group, says, “There is need to explore the innovative ways of designing such immersive experiences that are difficult to find online. Through a mixture of shopping, dining, entertainment and social meeting ups, the retail real estate can become a place for both shopping activity and enjoying the overall experience.”
LC Mittal, Director of Motia Group, emphasizes the importance of adaptability. “The future belongs to those who adapt quickly to customers’ new needs and preferences by becoming the first to incorporate technology, personalization, and seamless omnichannel experiences into their businesses. This will give them an advantage in the coming era.”
Sanjoo Bhadana, Managing Director of 4S
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