India’s mall shopping experience is taking a leap forward as a “new-age industry.”
50 percent of the shopping malls are located in the top eight cities.
Brick-and-mortar retail is expected to grow at a faster rate of 17 percent CAGR (for 2022–2028).
India's retail industry is poised for exponential growth, as private consumption is projected to expand to US$ 4.5 trillion by the end of the decade. Deloitte India and the Shopping Centre Association of India (SCAI) have jointly launched a survey-based report titled "Recognising malls and shopping centres as a new-age industry” at the MAPIC event in Mumbai. The report highlights that malls and shopping centres account for a significant share of the organised brick-and-mortar retail sector. This segment is expected to grow at a rapid pace, with a projected 17 percent CAGR from 2022 to 2028, outpacing the overall growth of the retail pie.
Per the report, one of the top reasons for consumers to visit malls includes shopping (82 percent), watching movies (73 percent), dining (56 percent), and leisure outings with friends and family (56 percent).
Additionally, other reasons contributing to footfalls of the malls include gaming zones (22 percent), festival celebrations (18 percent), activities and play areas for children (11 percent), concerts/shows (10 percent), and exhibitions (8 percent).
In 2022, malls and shopping centres accounted for about 12 percent of the overall retail market in India, contributing about 1.2 percent to India's GDP. With an annual revenue of close to INR 1,80,000 crore, employment opportunities for 1.2 crore people, and tax contributions of INR 35,000 crore, the shopping centre industry plays a pivotal role in driving economic growth and fostering employment opportunities.
Commenting on the launch, Rajat Wahi, Partner, Deloitte India, said, "As India sets its ambitions to head towards a US$5 trillion economy, the potential role of shopping centres in our nation's growth has to be emphasised. Through the findings of this joint report, Deloitte and SCAI have attempted to illustrate the potential that this Industry holds.”
He further added, “In addition to generating revenue for the economy, shopping centres also contribute to the development of the country’s social infrastructure and give both foreign and native businesses a platform to access the Indian market. These centres serve as essential catalysts for India's economic change.”
Mukesh Kumar, Chairman of Board of Directors, Shopping Center Association of India (SCAI) said “Growth of Retail and Shopping Center industry over the 10-15 years has been phenomenal. Shopping Centers has turned out to be a catalyst for retail growth in the country. Developers have been very bullish about developing malls not only in Tier 1 and tier 2 cities but also moving to tier 3 & 4. With 275 to 300 million sq ft already operational and another 35-40 million sq ft getting operational in the next 18-24 months, the industry is adding quite a lot to the economy. It is very important to highlight the strengths of this industry and how it is adding to the growth of India story. White paper is an attempt to highlight some of the salient features.”
Nearly 50 percent of India's shopping mall stock is concentrated in eight major cities: Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, the National Capital Region (NCR), and Pune. NCR has the highest share of malls amongst the top eight cities at 34 percent, followed by Mumbai at 18 percent and Bengaluru at 17 percent.
Malls are also expanding to tier-2 and 3 cities due to lower rental rates and operating costs, contributing to retail growth in India. Between 2006 and 2017, these cities received US$6.2 billion in overall retail investments, becoming pivotal contributors to the country’s retail growth.
The report highlights the scope for further evolution of malls and shopping centres in India. With a continued focus on advancements, malls and shopping centres will further incentivise global brands looking to enter the Indian market, to collaborate with local manufacturers.
This will further support manufacturing by generating employment opportunities and contributing to the overall growth of the country's economy.
Key points from the report:
Consumer preferences: The top reasons for consumers to visit malls were shopping (82 percent), watching movies (73 percent), dining (56 percent), leisure outings with friends and family (56 percent), gaming zones (22 percent), festival celebrations (18 percent), activities and play areas for children (11 percent), concerts/shows (10 percent), and exhibitions (8 percent).
Factors influencing choice: When choosing to visit a shop-dine-leisure venue, the most crucial deciding factors include cleanliness, accessibility, ambience, parking facilities, entertainment options, and infrastructural services.
Challenges faced: Key challenges faced by malls and shopping centres include taxation, industry status, availability of credit, approval process, and support from local bodies.
Given the crucial role that the malls & shopping centres play, as analysed throughout this document, it is important to address the challenges they face. A potential solution to these challenges is recognising malls & shopping centres in India as an industry, similar to other core or manufacturing industries.
Following key points that support this idea include:
• Malls generate employment equivalent to many other recognised industries
• Compared with a few industries, malls contribute higher taxes and provide greater employment opportunities
• Malls serve as essential assets for the nation, promoting socio-cultural development and improving the infrastructure
• Malls enable collaboration of global brands with Indian manufacturers, which boosts local manufacturing in industries, creates job opportunities, and contributes to the country’s economy
Recognition of malls and shopping centres as an industry would grant access to more support and rates, representation in decision making, and reduced the challenges faced and support their growth and development, which would contribute to the national economy and promote socio-cultural development.
Sporting legends like former cricketer Suresh Raina, freestyle wrestler Geeta Phogat, boxer MC Mary Kom, and President of the Paralympic Committee of India Deepa Malik will grace the event
TheTimesofIndia.com today announced the launch of its new series, “Right to Excellence,” which will celebrate the spirit of perseverance, genius, and innovation across diverse fields. The first event under this series is the Sports Summit 2023, which will be held in New Delhi on September 15.
The Sports Summit will bring together sporting legends, policymakers, and game changers to discuss the challenges and opportunities facing Indian sports, and how to promote excellence in the field. The summit will feature keynote addresses, panel discussions, and workshops, and will be open to the public.
“The Right to Excellence is a movement that celebrates the best of India,” said Prasad Sanyal, Business Head, TimesofIndia.com, “We believe that everyone has the right to pursue excellence, regardless of their background or circumstances. This series will be a platform for discussion, debate, and collaboration, and we hope to inspire individuals to take ownership of their journey to excellence.” The sports summit will be followed by a series of other events under the “Right to Excellence” banner, each focusing on a different field.
Summits like these are a step in the right direction to address lack of sports infrastructure in India. Deepa Malik, President of Paralympic India and Khel Ratna Awardee, said, “This summit will inspire diversity and inclusion, besides spreading awareness for persons with disabilities to get empowered through sports by learning about the inclusive policies involving parasports. Para athletes are now receiving great funding and support under various schemes and a lot of stakeholders are coming together to promote the paralympic movement in India." Besides, fireside chats with sporting “gamechangers” will also explore how sports in India can reach greater heights with the right support.
Despite still being overlooked and underfunded, the number of Indian women participating in organized sports is growing. According to the Women in Sports Foundation, only about 6-7% of Indian women participate in organized sports, but the number is expected to increase significantly in the coming years. Expressing her excitement on being a part of the event, MC Mary Kom, six-time world champion, Padma Shri and Padma Bhushan Awardee, said, “India’s sporting geniuses, especially women, continue to inspire an entire generation of youngsters to pursue sports as a viable career option. A sporting summit like “Right to Excellence” provides the perfect platform where sportspersons can gather and discuss ways in which sports can be promoted among the youth and women of the country.”
“We believe that the Right to Excellence is an important conversation to have, and we are committed to creating a platform for it,” said Sanyal. “We hope that this series will inspire individuals to pursue their dreams and make a difference in the world.”
To learn more about the Right to Excellence series, please visit https://bit.ly/3qY5XEp
Zee 24 TAAS set to celebrate Marathwada's Business Mavericks with RISE: Udyog Bhushan Marathwada Edition
The entrepreneurial landscape of Marathwada is in the midst of a profound transformation, with a burgeoning focus on technology start-ups, agribusinesses, and small-scale manufacturing units. In a momentous endeavour, Zee 24 TAAS is all set to host its ‘RISE: Udyog Bhushan Marathwada Edition’, an esteemed program poised to recognize outstanding entrepreneurs who are redefining the world of business, ushering visionary change, and pioneering innovation. This landmark event is scheduled to take place on Friday, 15th September 2023, in the vibrant city of Aurangabad, Maharashtra.
Marathwada's industrial development, particularly in Aurangabad, has played a pivotal role in fostering economic growth and generating employment opportunities. Entrepreneurs in this region are tapping into local expertise and resources to craft innovative solutions that not only cater to local needs but also resonate with global markets. It exerts a magnetic pull on both tourists and investors, offering a rich tapestry of cultural heritage and economic potential. The presence of a diverse range of industries has also spurred infrastructural enhancements and urban development.
The upcoming RISE: Udyog Bhushan Marathwada Edition will be graced by Hon. Bhagwat Karad, Minister of State for Finance, Govt. of India, Hon. Uday Samant, Minister of Industries, Govt of Maharashtra, Hon. Atul Save, Minister of Housing, Govt of Maharashtra, Hon. Sandipan Bhumare, Minister of Employment Guarantee & Horticulture, Govt of Maharashtra. The event looks forward at engaging Industry stalwarts and dignitaries in in-depth discussions on topics revolving around infrastructure development, including road connectivity, transportation, and utility services, the growth of real estate in Aurangabad, focusing on affordable housing, development challenges, and investment prospects, dairy farming and livestock management, market links for agricultural and dairy products, both within India and for potential export etc
Emphasizing on the relevance of RISE: Marathwada Udyog Bhushan, Dr. Nilesh Khare, Editor of Zee24 TAAS, said, " RISE: Udyog Bhushan Marathwada Edition is a platform that celebrates the indomitable spirit of innovation and entrepreneurship within Marathwada and Aurangabad. It spotlights the remarkable contributions of young executives and entrepreneurs who are rewriting the rules of business, harnessing the city's rich entrepreneurial legacy. We are honored to host this event in Aurangabad, a city that seamlessly blends history with industrial progress, making it a thriving hub for visionary entrepreneurs."
Mona Jain, Chief Revenue Officer of Zee Media Corporation Limited, added "In an era that is characterized by transformative change, it is imperative to acknowledge and celebrate individuals who are leading with vision and innovation. RISE signifies the limitless possibilities that innovation can unlock. It is a celebration of these trailblazers who not only inspire but also leave an indelible mark on their communities."
"Zee Media is committed to showcasing the pioneers of innovation and entrepreneurship. RISE is a testament to our dedication to honoring those who drive transformative change,” highlighted Abhay Ojha, CEO of Zee Media Corporation Limited.
RISE: Marathwada Udyog Bhushan Edition promises to be an enlightening and enriching experience, bringing together visionaries, industry experts, and innovators who are shaping the destiny of Marathwada and beyond. The Associate Sponsors for the event are Dr.Chate Homeopathy, E Agro Care Machineries & Equipment Pvt Ltd & भाग्यविजय Astro Vastu Solution
The 30 shortlisted startups will each receive Netcore credits worth up to USD 30,000 and gain access to Headstart Boosters valued at up to Rs. 5 crores
Netcore Cloud, a leading global MarTech and Customer Experience company, has announced the launch of its start-up acceleration program ‘D2C Blaze’ in partnership with Headstart Network Foundation & AIC-Nalanda Institute of Technology Foundation. In line with its vision to help customers achieve their path to profitability, the 12-week growth accelerator program aims to provide focused guidance to select early-stage D2C start-ups and turbocharge their growth.
India, with its third-largest startup ecosystem globally, sees countless innovative ventures emerge every year. Recognizing this, Netcore's D2C Blaze program specifically invites early-stage startups, offering them a platform to grow and thrive. Under the leadership of Nanda Kumar, who has a decade-long experience working intimately with startups, the program will run from October to December 2023. Tailored to foster startups with strong growth prospects, it will aid them in scaling effectively and carving out a robust brand identity.
Applications for the program are open until 20 September 2023. As a culmination, a demo day will be held where 30 select startups will spotlight their progress and innovations to a distinguished audience of potential investors, opening doors to prospective funding avenues and benefiting from a holistic experience. This includes access to essential platforms, mentorship from D2C industry stalwarts, networking opportunities, and a suite of technological tools to further their growth. Moreover, entrepreneurs will receive Netcore credits worth up to USD 30,000 along with an additional USD 3,500 for consulting and onboarding. Start-ups can also access Headstart Boosters up to Rs. 5 crores from top companies like - Zoho, Razorpay, Notion, Canva, and many more.
Commenting on the initiative Kalpit Jain, Group CEO – Netcore Cloud said “Indian start-ups have been increasingly making their mark globally, achieving new milestones year after year. And yet, early-stage startups often grapple with challenges such as securing funding, finding product-market fit, navigating intense competition, acquiring the right talent, and understanding complex regulations to name a few. Through the 'D2C Blaze' program, we intend to empower entrepreneurs in their early stages, steering them towards profitability.”
Vaniya Dangwal, Head of Partnerships at Headstart Network Foundation commented, “Through our partnership with Netcore Cloud we are working towards fostering innovation & propelling D2C startups toward unprecedented growth, and industry leadership. We aim to harness the collective potential of these brilliant minds and provide them with the necessary tools and resources to create sustainable success stories in the ever-evolving business landscape."
The D2C Blaze program is designed to offer participants an unparalleled platform for growth. Short-listed start-ups will receive guidance from a distinguished group of mentors including Avadhoot Revankar & Sudhaamshu M from Netcore Cloud and external brands like Sanil Sachar, Huddle; Arjun Vaidya, Co-Founder, of V3 Ventures and Deepak Krishnan, Ex-Myntra. Additionally, partners such as Plotch.ai, AIC-Nalanda Institute of Technology Foundation, and Kerala Startup Mission, Innovation Mission Punjab, Sauce.VC, GetVantage, and more will extend their support to ensure concrete results.
Having played a pivotal role in Asia's dot com revolution, one of the few bootstrapped start-ups of the time, Netcore Cloud is renowned for nurturing an entrepreneurial spirit. A few months ago, Netcore’s founder Rajesh Jain launched his book, ‘Startup to Proficorn’ which acts as a guide for start-ups towards achieving profitability.
JioCinema to stream the series free across 11 languages
Colors Tamil, Colors Bangla Cinema, Colors Kannada Cinema, Colors Cineplex Superhits, Sports18 – 1 SD, Sports18 – 1 HD will be linear/ offline TV destinations
Suresh Raina, Kedar Jadhav, Aakash Chopra, Amit Mishra, Hanuma Vihari, Kiran More, Anirudha Srikanth, Sarandeep Singh headline the expert panel
After securing exclusive media rights for BCCI International and Domestic Matches, Viacom18 today announced its plans for the three-ODI series between India and Australia starting September 22.
The first international series in the rights cycle will be presented on JioCinema in 11 languages for free. On linear/ offline TV, the series will be aired live on Colors Tamil (Tamil), Colors Bangla Cinema (Bengali), Colors Kannada Cinema (Kannada), Colors Cineplex Superhits (Hindi), Sports18 – 1 SD, Sports18 – 1 HD (English).
The series is of great significance for both sides as they will look to find momentum leading up to the 50-over World Cup. The expert panel for the series across languages will include Suresh Raina, Kedar Jadhav, Aakash Chopra, Nikhil Chopra, Amit Mishra, Anirudha Srikkanth, Abhinav Mukund, Hanuma Vihari, Venkatpathy Raju, Sarandeep Singh, Reetinder Singh Sodhi, Rahul Sharma, VRV Singh, Kiran More, Sheldon Jackson, Bhargav Bhatt, Jatin Paranjpe, Shreevats Goswami, VA Jagadeesh among others.
After shattering all records, and establishing unprecedented levels of engagement, viewership, and concurrency during the TATA IPL 2023, JioCinema will offer viewers their favourite sport in a never-seen-before presentation for free. Viewers will be able to watch the limited-overs action in English, Hindi, Marathi, Gujarati, Bengali, Bhojpuri, Punjabi, Tamil, Telugu, Kannada, and Malayalam.
“The 3-match ODI series between India and Australia will give viewers a peek into inarguably the new home of Indian cricket and with that responsibility, we will continue to bring the paradigm shift in the way sports is consumed,” said Viacom18 – Sports CEO Anil Jayaraj. “It is our constant endeavour to offer fans what they love the most in never-seen-before ways and digital allows us to continuously push the envelope and combined with linear/ offline TV, we will deliver BCCI events on an unparalleled scale.”
To enhance the live-viewing experience, the series will be streamed in 4K on JioCinema and fans will be offered the popular predict and win fan engagement contest Jeeto Dhan Dhana Dhan. Introduced first during the 2023 TATA IPL, Jeeto Dhan Dhana Dhan was a runaway success as tens of thousands won exciting prizes including over 60 contestants driving away a premium hatchback. The contest also brought out stirring stories of how winning the car changed fortunes for many from India’s heartlands.