Arguing whether it is better to get brands that retail through omnichannel or to retain brands that have a hardcore physical presence in shopping centres, the panel for the Retail Spaces session at the South India Retail Summit discussed permutations and combinations to create innovative shopper experiences.
Sanjeev Rao S, Director – Business Development, Raymond Apparel Ltd., M A Mehaboob, Director, HiLITE Builders, L Subhash Chandra, MD, Sangeetha Mobiles and Bipin Gurnani, CEO, Prozone Intu participated in the discussion, which was moderated by Rajneesh Mahajan, Executive Director, Inorbit Malls.
According to Gurnani, a retailer with a strong brand identity is more capable of pulling more shoppers. “We try to get categories that are more expereintial,” he said, adding that digital stores have a bright future.
Overall, the group did agree that physical store sizes have been shrinking tremendously.
Gurnani was certain that they would continue to shrink as more and more brands focus on the online delivery channel.
There is clearly a need to elevate the scale and quality of experience for consumers in the form of what Gurnani termed as ‘Gaminisation’.
Mahajan concluded by pointing out that industries such as banking have successfully adapted to technology, which has in turn brought down the number of customers walking into banks. Technology is growing in all sectors and is quickly changing the way people live and transact, he asserted.