Despite increasing e-commerce dominance, retail spaces remained the primary source of shopping for most customers. In fact, the demand for retail spaces has escalated manyfold in the last few years. This growth is attributed to changing customer lifestyles and increasing reliance on the in-store experience, which online counterparts can barely offer. Let’s take a dive deep into the Future of Retail Spaces in India and how upcoming projects like AIPL Joy Street and AIPL Joy Central are all set to create a benchmark in the retail landscape.
Factors Influencing the Future of Retail Spaces
- Rapid Urbanization: Around 600 million people are expected to shift to urban regions by 2030, reinforcing the increased demand for retail spaces in cities.
Increasing Disposable Incomes: The rise in per-capita incomes has caused a demand spike across the retail sector, solidifying the future of retail spaces in India. Developers are focusing on creating trendy retail spaces, that cater to the needs of diverse customers
Stats Reflecting the Future of Retail Spaces in India
- In 2023, India’s retail market stood at $883 billion and is likely to attain a whopping valuation of $1.3 trillion by 2025.
- Traditional physical outlets still rule the market, accounting for almost 87% of overall retail sales. However, the increasing dominance of e-commerce is slowly causing a shift in this trend.
- The organized retail sector, boasting malls and branded retail stores, has witnessed tremendous growth in urban areas, underscoring the significance of brick-and-mortar stores.
- Most metropolitan cities like Mumbai, Delhi, Bangalore, and Chennai accommodate the largest and most modern shopping outlets and malls. These establishments are strategically located to lure affluent consumers and the growing middle class.
- The emergence of larger retail spaces, such as malls and supermarkets, has caused a significant change in retail forms.
- Kirana stores continue to rule Indian retail. They are leveraging digitalization and partnering with larger players to stay competitive.
- Grocery retail contributes 65% to the total retail market of the nation. Only a small portion of grocery sales occur via online or modern retailers.
An Overview of Innovative Outlets: Embodying the Future of Retail Spaces
AIPL Joy Central, Gurugram
Situated in Sector 65, Golf Course Extension Road, Advance India Project Limited (AIPL Joy Central) is an upcoming real-estate marvel that will redefine how retail spaces appear, operate, and serve visitors.
This futuristic mixed-use project will embrace state-of-the-art architecture and offer unmatched shopping, dining, and entertainment experiences, reflecting the developer’s commitment to revolutionizing the future of retail spaces in the country.
Covering a massive area of 3.98 acres, AIPL Joy Central is all set to accommodate high-street retail, popular food courts, restaurants, and a multiplex, offering unique experiences to visitors and buyers.
Many popular brands, including Bluestone, Shaya, Asics, StudioXo, Blue Tokai, Aurelia, Looks Salon, Pasta Street, The Irish House, etc have already secured a space in this lavish and modern establishment.
By adopting green practices, this establishment is committed to environmental sustainability, contributing to a circular economy.
Strategic location, game-changing architecture, endless amenities, and fusion of business and entertainment make AIPL Joy Central an ideal choice from an investment standpoint. The list below reflects what AIPL Joy Central will be offering, among other things:
- Access is from 84-meter & 24-meter roads.
- Wide boulevards and streets.
- World-class lifts and escalators in common areas.
- 5-level basement.
- Climate-controlled shopping environment
- A perfect fusion of dining, shopping, and entertainment.
AIPL Joy Central is all set to redefine the future of retail spaces in India, taking customer experience to the next level.
AIPL Joy Street
AIPL Joy Street is another game-changing and futuristic project that excels on many fronts, such as dining, business, retail, and entertainment- a complete package for investors. Located in Maidawas Rd, Sector 66, Gurugram, Haryana, AIPL Joy Street serves as a one-of-a-kind retail space, giving visitors a jaw-dropping experience.
AIPL Joy Street is a marvel in terms of build, architecture, space, and amenities, an interesting proposition for any avid investor.
The premium location, connectivity to major roadways, world-class retail streets, modern cinema, and top-tier eateries make this establishment a standout retail space in the country. The following list shows why AIPL Joy Street sits at the forefront of retail spaces’ future:
- Covers a massive area of 4 acres
- 3 levels of basements supported by surface parking.
- Exclusive entry and exit points, ensuring seamless access to specific points of interest.
- 3 levels of basements along with surface parking.
- Visually striking frontages, verdant landscaped areas, and sidewalk cafes
- The ground and first floors are reserved for highstreet retail
- Famous eateries and gyms on the 2nd floor
- INOX Multiplex
- Smart suites are workplaces and modern service apartments, spanning from the 5th to the 15th floors.
Select CITYWALK, New Delhi
Known for its premium offerings and experiential elements, this commercial establishment offers a blend of high-end brands, dining options, and entertainment facilities. The presence of digital kiosks and click-and-collect services boosts the conversion rate by keeping customers engaged.
Phoenix Market City, Mumbai
This innovative retail space offers a mix of dining, shopping, and entertainment options, creating a holistic experience for visitors. The mall is popular among families and young adults for its diverse offerings.
IKEA, Hyderabad
IKEA’s flagship store in Hyderabad epitomizes an immersive shopping experience. The store features technology that lets customers see how products can be arranged in their homes. Additionally, IKEA has integrated sustainability into its operations with solar panels and rainwater harvesting.
Emerging Trends To Become the Future of Retail Space
- Omnichannel Retailing: Omnichannel combines online and offline channels to provide a unified experience for shoppers. This approach includes features like click-and-collect, where customers can place an online order and pick it up in-store, and in-store digital kiosks that help with product browsing and ordering.
- Experience-driven Spaces: Modern consumers seek unique and engaging experiences. Retail spaces are now offering experiential retailing to meet the evolving demands of modern customers. This includes interactive displays, workshops, live demonstrations, and entertainment options. For example, some furniture malls have VR lounges, enabling real-time simulation of how furniture would look in a particular room setting.
Likewise, electronics stores facilitate hands-on trials of different gadgets. The upcoming projects like AIPL Joy Central and Joy Street have already boarded brands emphasizing technologies to elevate customer experience.
- Sustainable and Smart Retail Spaces: Sustainability plays a vital role in growing retailers and businesses alike. The retail sector is increasingly emphasizing the use of green buildings, energy-efficient lighting, and waste reduction standards.
The upcoming projects like AIPL Joy Central and Joy Street have leveraged green practices and resources to minimize pollution and promote environmental sustainability.
Additionally, retail spaces leveraging the IoT (Internet of Things) for energy management are gaining popularity. These innovations ensure efficient operation and significant cost savings, imparting resilience to the future of retail spaces in India.
What Can Fuel the Future of Retail Space in India?
- Technological Integration: Embracing technologies like AI, VR, and ML can improve the shopping experience and elevate operational efficiency.
- Focus on Sustainability: With most customers becoming environmentally conscious, leveraging sustainable practices can lead to various benefits and a competitive edge.
- Expanding to Tier II and III Cities: With improving lifestyles and rising disposal income, smaller cities are witnessing remarkable growth in retail sectors, paving unparalleled growth opportunities for retail spaces.
Conclusion
The future of retail spaces in India is set to embrace remarkable growth. While challenges like online stores and high real estate costs prevail, the demand for immersive retail outlets is yet to encounter a dip.
However, changing customer lifestyles and the increasing dominance of e-commerce can make life difficult for physical stores. Therefore, adapting to buyers’ behavior and current technologies has become paramount for most brick-and-mortar stores.