The COVID-19 Pandemic not only created challenges for various businesses, but it also to a great extent fast-forwarded many innovations.
The pandemic forced people to think out of the box and create new business ideas. "Outlet Malls" (Also known as discount malls) are emerging as a new option for shopping in India, thanks to the excellent road network created in the country. The Indian consumer is getting used to travel by road thanks to the new national highways and restricted international travel.
India being a "Value for Money" market, and the economy driven by the youth, such "Outlet Malls" have huge potential to grow. Today's youth are very brand conscious, yet try to fetch quality products at discounted price.
Recently, a new company i.e. WC Realty Pvt. Ltd. was formed to own/develop "Outlet Malls" by the Real Estate industry veteran Gurcharan Singh Wahi. WC Realty has already acquired land/clients to own/develop, to set up a chain of outlet malls across the country. "Our innovative 'Outlet Malls' would be spread much beyond and more than shopping. These 'Outlet Malls' which are going to be strategically placed on key highways shall offer innovative 'Time-Spenders' and increase the dwell time of customers, by ensuring an ideal mix of shopping, entertainment & more," says the confident Gurcharan Singh Wahi, Founder & Managing Director of WC Realty.
To ensure a scientific and robust implementation of this international concept of "Outlet Malls" WC Realty has tied up with "Beyond Squarefeet" - a shopping mall specialist company, to provide all services like Designing, Marketing, Leasing, Fit-out Management and managing these Malls for WCR. Beyond Squarefeet, brings in their vast exposure and experience of handholding over 65 malls across 6 countries. Beyond Squarefeet shall be responsible for Designing, Marketing, Leasing & Managing these "Outlet Malls"
"Our core responsibility and efforts would be to add value to these 'Outlet Malls' with our international experience, thereby enhancing the asset value. We are excited to be part of this innovative shopping mall model and would work in tandem with WC Realty to bring in the desired results," says Chandershekhar Kaul, Mall Mechanic & Managing Director of Beyond Squarefeet.
The Outlet Mall/Discounted Retail business in India is estimated to be of 75,000 Crores, most of which is unexploited/untapped till date. The first "Outlet Mall" in India was 'Forum Value Mall' in Whitefield, Bengaluru, way back in 2009. A few small shopping complexes have since then opened as "Outlet Malls" but were not upto the mark of international standards.
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( With inputs from ANI )
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