Categories
Kharcha paani

Cheaper to buy space in city malls?

ASSOCHAM report finds that mall space in Mumbai and other metros has dropped by 30% rental value with lower footfalls.
by The Editors | editor@themetrognome.in

Rising inflation and higher living costs have taken a toll on our favourite pastime: shopping. Tighter budgets are prompting many Indians to stay away from shopping malls. This has resulted in lower footfalls and high losses for retailers. On the other hand, if you are looking to buy shop space in a mall, now might be a good time to do it.

As per a new study published by ASSOCHAM (Associated Chamber of Commerce and Industry in India), a “slowdown in consumer footfalls, coupled with online shopping that provides convenience of delivery at door steps, have led to troubles for the shopping malls which are suffering 20 to 25% vacancy rates and 30% drop in rentals in the last one year.” The study finds that this trend runs parallel to a global one, where declining footfalls in retail space in over 200 shopping malls across the US, UK and other countries has lowered commercial space rentals. In the US, the malls are facing 46% vacancy rates whereas malls in UK are impacted by 32%.

“On the other hand, the  Indian e-commerce industry appears to be unaffected by the demand slowdown and is likely to clock a compounded annual growth rate (CAGR) of 35% and cross the $100-billion mark in value over the next five years,” the study finds, pegging the e-commerce industry in India presently at $17 billion.

Continuing on the strong growth momentum of 2015, the e-commerce industry is estimated to see a 72% increase in the average annual spending on online purchases per individual in 2016 from the current level of 65%, the study said. Online shopping mainly focusses on purchasing electronics, books, music, apparel, sporting and outdoor goods.

“It is true that the online shopping has shown handsome growth while the brick and mortar malls are witnessing slowdown. It looks that the growth in e-commerce looks impressive because of quite a low base and increasing penetration of internet,” ASSOCHAM Secretary General DS Rawat said. “The brick and mortar outlets on high streets and inside malls are trying to hold on through lower prices and deals. In India, sales in shopping malls have dipped by 25 to 30% and footfalls by 15 to 20% compared to the same period last year.”

There were around 50 operational malls in 2005, a number that rose to 610 in 2015 in top 10 cities. Additionally, with improvement in infrastructure such as logistics, broadband and Internet-ready devices, there is likely to be a significant increase in the number of consumers making purchases online, the study said. It estimates around 65 million consumers in India to buy online in 2015, as against around 40 million in 2014.

“The challenges of suburban sprawl, worsening automotive traffic, rising fuel prices and the increased difficulty of time management in modern families have made going to the mall a planned activity,” adds the paper.

Mobile technology is also having a huge impact on brick and mortar retail. Amazon recently reported that roughly 8 to 10% percent of their total sales are being generated by mobile devices, and expect this trend to continue upwards.

(Picture courtesy www.indiantravels.com. Image is used for representational purpose only)

Categories
Trends

Malls staying open longer this season

Malls are cashing in on consumers’ festive spends by staying open longer than usual; many other experiences are on offer.

by The Editors | editor@themetrognome.in

This Diwali, you can go shopping at midnight. Really. You don’t have to wait for your weekend break to go shopping and wait endless hours in long lines at the payment counter, either. After work, just head to the nearest big shopping mall.

Malls in the city have revised their closing time to suit the increased footfall and busy lifestyles of Mumbaikars, with most major stores remaining open till midnight to suit shoppers. High Street Phoenix was the first off the block, with timings being revised from October 1, 2014. The mall added many new brands before the month began, and has thrown in midnight musical performances for shoppers as well. The mall remains open till 11 pm on weekends and 10 pm on weekdays.

Said Rajendra Kalkar, Senior Centre Director, The Phoenix Mills Limited,”We are enthused about extending our timings for new initiatives which are customised to the comfort and convenience of our patrons. We witness many shoppers who find it difficult to manage their leisure time post work due to accessibility at odd hours. This campaign intends to be a boon to such work-life balance.”

Other malls, too, like the Inorbit Mall in Malad and Vashi, have reportedly extended their timings to suit shoppers this season. Veera Mukherjee, a housewife based in Kandivali said, “I hope malls always remain open till late hours, because there are huge crowds in the evening hours of 6 pm to 8 pm. Shopping becomes easier once the crowds beginning to taper. If possible, they should also open for business earlier so that people can shop on their way to work.”

Another shopper, Akhil Morarka, said, “I need to buy gifts for my family back home in Bangalore. It is great news if malls remain open beyond 10 pm so that people like me can go shopping after work. Otherwise I have to do some last-minute shopping over the weekend.”

(Image courtesy mumbai77.com. Picture used for representational purpose only)

Categories
Guest writer

The aromas of Mumbai

You can tell which part of the city you’re in just by the stink or the fragrance of the place. Mumbai has a very strong olfactory connect with its people.
Neerjaby Neerja Deodhar

After living in this busy metropolis for about 17 years, I’ve realised one thing – your senses are automatically heightened here. Whether it’s your eyes that are constantly alert in the fast-paced traffic or your ears that are forced to hear a cacophony of trains, vendors and honking cars. Your mouth and taste buds that have grown accustomed to Mumbai’s spicy, flavoursome cuisine.

And of course, we’ve all had the chance to travel in a packed local train, scared that we’d get pick-pocketed – it’s like we’re born with a heightened sense of touch, too. But I perceive Mumbai to be a “city of smells”. By this, I don’t imply that ours is a city full of stench and smog; no, it’s much more than that! Like each home has a distinct smell of its own, Mumbai has these particular aromas and scents that define the city and give it character.

The moment you step into Mumbai, your impression about the city could vary, depending on whether you’re an optimist or a pessimist. A pessimist would complain about the foul odour that comes from the slums, (You should know that Mumbai is home to one of the largest slums in Asia – Dharavi, so that’s a lot of stink!), the amount of vehicular pollution and smoke from cigarettes, the malodour of overflowing sewage etc.

An optimist, on the other hand would enjoy the sterile, sanitised smell of malls, hotels which are plenty in Mumbai. Or you Shopping malls in Mumbaicould be a realist like me and believe the city has a dual identity with a motley collection of fragrances and odours. But that’s a discussion for later.

Urbanisation has changed the face of Mumbai entirely – quaint little bungalows with terracotta tiled roofs are replaced with high rises made of chrome and glass. ‘Niwas-es’ and ‘Sadans’ are pulled down to make way for ‘Towers’ and ‘Heights’. However there still are some remaining gardens and patches of green like the Hanging Gardens, Jijamata Udyan, the Sanjay Gandhi National Park to name a few. Mumbaikars still visit these parks to get a whiff of nature.

And how can I forget the numerous “Chaafa” or champa trees with their sweet-smelling flowers! Ironically this fast pace of industrialisation and development hasn’t improved the condition of public toilets in the city. Most Mumbaikars still cringe at the stink that comes from our city’s ‘shauchalayas’.

fish dryingThe part of Mumbai that I enjoy the most is the sea. As a child, I’d know that we were passing by some “Chowpatty” or  beach by the crisp saltiness in the air. Mumbai’s fish markets smell of the salty sea too – it’s the smell of freshly caught fish. Most times these markets give off the odour of rotting fish – an odour I still find repulsive. And then there is the floating smell of sukka bombil or Bombay duck dried in the sun near the coast!

Another way of knowing that you’re near a crowded beach is the inescapable smell of chaat. The aroma of herbs, garam masala, the tang of squeezed lemons in a plate of bhel puri or sev puri are enough to set the juices going in your mouth! You’d also smell vada pavs being fried and pav bhaaji being prepared – taka-tak – two dishes that originated in Mumbai. And then there is the smell of piping hot ‘cutting chai’, (The term cutting chai is said to have originated in Mumbai too!) sold at tea stalls at every nukkad of Mumbai. Every meal in India usually ends with paan. Another common feature on the streets and many walls of Mumbai are paan stains which have their own disagreeable stink.

Sometimes I can tell which part of Mumbai I’m in only by the distinctive redolence of that part. I know my train is passing through Andheri when I get a whiff of baked biscuits because the Parle G factory is very close to Andheri station. I know that my taxi has taken a turn at King’s Circle because of the aroma of freshly ground coffee beans and the local cafes serving original south-Indian filter coffee. For that matter I still associate the aroma of freshly baked bread, cakes and cookies from the string of bakeries in my very own Orlem.

Travelling in local trains has become a part of the daily routine of a large number of Mumbaikars. More than often these trains packed local trainare overcrowded, filled with more passengers than can fit in. Now it’s not the sea of bodies that I have an issue with, it’s the smell of human sweat that’s the problem! At such times I dream of Mumbai during the monsoon. There is nothing more beautiful, more gratifying than rains in the city! It gives us Mumbaikars relief from the summer heat, the air smells fresh and clean. The smell of wet mud right after a shower is almost magical. Yes, such earthy fragrances are a part of Mumbai too!

At times I wonder what the city would be without its individualistic smells, if the roads didn’t have any vendors and all spaces were sanitised and air conditioned. Mumbai wouldn’t be as exciting as it is right now. Mumbai’s smells are part of its diversity and personality. If it weren’t for these odours and fragrances I probably wouldn’t be so attached to the city!

Neerja Deodhar studies Arts and lives in Malad. Nothing thrills her more than exploring new places and ideas, meeting unusual people and writing about them.

(Pictures courtesy www.prishindia.com, windyskies.blogspot.com, www.the-nri.com, evestigio.blogspot.com, www.time.com)

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