Guess what the growing wedding market has done to the retail business in the country. It has been able to create a successful business model — theme malls — which have been doing better than what retail malls are doing these days.
Theme malls such as Wedding Mall and Gold Souk (jewellery mall), catering to specific needs and occasions, have changed the dynamics of the Indian wedding bazaar.
And how? Delhi-based real estate developer Omaxe group is setting up India’s first chain of wedding malls. The first five wedding malls are coming up in Gurgaon, Agra, Ludhiana and Patiala at an estimated cost of Rs 1,000 to Rs 1,200 cr.
These malls will be a one-stop shop catering to all wedding-related needs of people, from designing and printing of invitation cards to buying honeymoon packages. The five malls will cover more than 9 lakh sq ft of space and the group plans few more in other cities.
Says Rohtas Goel, CMD, Omaxe Group: “These malls, besides all the wedding shopping, will also have banquet halls. The tenants will be a judicious mix of leading international and Indian brands and wedding-related service providers, including makers of bridal wear, clothing, jewellery, cosmetics, F&B, entertainment, decor, floral management, footwear, white goods, accessories, beauty parlours, wedding planners and leading travel agencies. The Omaxe wedding mall will take away the hassles of numerous visits to the market. The focus will be on maximising customer comfort and providing complimentary products under one roof.”
The wedding market in the country is growing at a whopping 20% per year and now people are looking at hassle-free and comfortable weddings.
Taking the shopping experience to a higher level, Gold Souk is India’s first mall dedicated to jewellery retailing, which is promoted by Aerens Gold Souk International. Besides Gurgaon, the Aerens Group will develop Gold Souks in Bangalore, Mumbai, Hyderabad, Ahmedabad Kochi, Jaipur, Ludhiana and Kolkata.
In fact, speciality malls are the places where consumers will go shopping since there will be more choice and variety under one roof. Since the concept is in its infancy, most people are not aware of the advantages. It’s only a matter of time before consumer preference shifts towards specialty malls, which are very popular in the West.
Says Anuj Puri, chairman & country head of Jones Lang LaSalle Meghraj: “With the retail market boom in India, we will slowly see a big emergence of speciality malls — first in major metros and then in other smaller towns. Popular categories in the international market include home-malls — that feature all kinds of home products ranging from tiles, fittings, furniture, or toy malls for kids.”
Source: Economic Times