Retail malls on recovery path after Covid: Infiniti Mall ­

About 60 per cent of retail stores which include outlets in markets, malls, franchises and shop-in- shops were fully open with full capacity, "driven by increased vaccination coverage and faster easing of limitations", says Nitin Bir, vice-president, Infiniti Mall, in an exclusive interview with Bizz Buzz

What are the key trends in retail sector post second wave of Covid-19?

In comparison to the first wave that hit around June 2020, malls are slightly on a faster recovery from the second wave that was in April 2021. We witnessed a surge in footfalls immediately after the restrictions were eased by the Maharashtra Government at both our malls - Infiniti Mall Andheri and Malad. About 60 per cent of retail stores which include outlets in markets, malls, franchises and shop-in- shops were fully open with full capacity, driven by increased vaccination coverage and faster easing of limitations.

Is retail sales recovering post pandemic?

Customers due to pandemic confined to the four walls of their houses and missed their friends and family so as soon as the Government ease out limitations, people start coming out, but safety was the main concern and malls are the best place for them to explore as we are a one stop destination for all their needs. We have seen a sharp 30–35 per cent growth in sales in 2022 compared to 2019 and rental also almost back to normal.

Do you think footfalls will rise in FY23? What are your expectations?

We are expecting about 30 per cent growth in footfalls. With the increase in footfalls, store segments such as departmental stores and food and beverage and importantly entertainment have seen a great response. Hypermarkets, electronics, fashion and beauty stores have all done well, with some brands even outperforming pre-Covid sales as of now. Pent-up demand has assisted the recovery in the fashion and accessories area, as evidenced by the performance trends of leading fashion retail chains. Multiple categories are likely to surpass their 2019 numbers as we are expecting footfall count continues to rise, boosted by the festive season and a rebound in operations by Q3FY2022.

What initiatives you have taken to bring customers back to malls?

We constantly organize various activities and events to interact and engage customers at the mall which also helps us build brand awareness. Apart from our annual events at Infiniti Mall (Andheri & Malad) like Funmania, Christmas Carnival, Funotsav, Women's Day event, we have also organized various intriguing events such as Pani Puri Festival, What the Woof, Phollon ki Holi, open air movie screening to delight our patrons and increase footfalls. Other initiatives that attract new customers along with existing ones are rewards, royalty bonuses along with special offers during seasons that enhance customer loyalty.

How has been the response of brands in last 2 years?

The last two years have also been a testing time for brands across various sectors. Multiple brands have adapted to change but a few have also succumbed to the fall in sales and consumer requirements. While malls are successfully building upon a diverse retailer base considering the growing awareness and brand consciousness, they are also making an ardent effort to cater to people across different socio-economic classes. Currently Infiniti Mall has added brands like Pizza Hut, Taco Bell, Beauty by Shoppers Stop, Jack & Jones Junior, Salt Attire, The Souled Store, The Hair Mechanix Studio, Indifusion and we are expecting to add multiple brands in the coming times.

What do you expect the consumer trends to be like in 2022?

Now that the country is back to normalcy, the citizens look at malls as a safe space and one stop destination for their weekend friends and family to catch up for leisure and entertainment. This is because they can avail multiple services under one roof right from shopping, salons, entertainment for kids as well as grownups and a variety of food & beverage options.

Multi new trends are picking up among the consumers namely digital solutions when it comes to shopping and payments and increased scope of spending on needs as well as wants that are driving the sales towards the upward trend.