India is one of the fastest growing economies in the world today. The country's luxury market is the 12th largest in the world. The country's retail sector must orient itself to meet the needs of this new mass-affluent market.

India can follow Emaar's model of aligning mall developments with the emerging lifestyle communities. There are several master-planned communities being developed across the towns and cities of India, and these demand world-class shopping and leisure options for the residents.

Diversification in shopping malls is as important as diversification in the product industry. The Dubai Mall has redefined the horizons of shopping malls by navigating away from the traditional outlook towards shopping. In due time, this approach will be the true benchmark for the global retailing industry. India can take the lesson early.