The brand is also planning to redo the food and beverages section entirely with more fine-dining options, introduce new zoning strategy and loyalty programs as part of their new experience mode
Going forward, where do you see the Indian real estate industry in the coming year?
The pace at which organized retail development is picking up, in recent times, is amongst the highest ever. The growth in metros has almost gotten saturated except in the eastern part of the country where there is still a lot of scope of growth. Further, the growth in Tier II and III cities is something which is currently followed by the saturation of growth in the metros.
There are multiple factors which are driving this growth– the major factor being the demand which is created by the global Indian citizen who is travelling around the world and is now aspiring to shop the same global brands locally as well.
Over and above that forward looking Government policies relating to FDI has worked as a catalyst for bringing in the unprecedented growth and tapping the potential of the organized retail in India.
What factors do you think will be the game changers for the industry in the coming years?
Lease-only Model: Lease-only model against the traditional sale model, is being adopted by most of the shopping centres is the way forward. Currently, the best performing malls are already working on this model. It is very important for the growth of the industry as this gives them the flexibility to mold themselves with the ever-changing dynamic market.
Revenue Share Model: The revenue share model is a win-win situation for both the partners, where they are bound to take care of each other and perform better to reap the benefits of higher sales. After the pandemic, we have now shifted to a 90% revenue share model from the earlier 50% figure.
Right Zoning: Right zoning is going to help the mall to grow, as it is a win-win situation for the customer who gets more choices to make a buying decision, and ultimately it benefits the brands.
Entertainment and Food: FECs are one of the most important drivers of the footfalls to the shopping centres, and the right mix as per the gross leasable space, the shopping centres can reach a better turnaround.
Share the vision for the mall in the coming year, elaborating on the brand growth and ambitions related to this?
2023 is going to be very crucial for Quest Mall. Majority of our existing leases have expired on 31st October 2022, after completing 9 successful years with Quest and consequently, over this period, the aspiration of the target group has evolved.
Therefore, the entire shopping experience at Quest is to undergo a massive change starting 2023 and the mall is going for a brand revamp. The brands on the ground floor; for example, Emporio Armani, Coach and Hugo Boss are moving up to the first floor. A new range, probably an international luxury brand, will take the vacant space in the catchment area on the ground floor and so on.
We are also planning to redo the Food and Beverages section entirely, as well with more fine-dining options opening up for the shoppers for the best retail experience.
Are there any expansion plans or new development phases lined up for the mall?
We have initiated the process of brand reorganization and influx of more luxury brands, after the completion of 9 years of first lease terms with our existing tenants.
Three tech implements which you want to introduce in your mall in the coming year? And why so?
Loyalty Program: We would be coming up with a Mobile App driven Quest Loyalty Program. The patrons can simply have to upload their bills and based on the purchase value, loyalty points would be credited to their account instantly. Every credit point has a money value attached to it which can further be redeemed later for availing various concierge services, parking payments and brand vouchers.
Quest Gift Cards: Q cards would be launched soon which would be a regular pre-loaded VISA/Mastercard and can be used only at all the in-house Quest outlets
Parking through Fast tag: Every parking ingress and egress would happen through an RFID scanner wherein the registration number of the vehicle would be read along with the Fast tag. The parking tarif would be automatically deducted from their Fast Tag account with zero manual intervention.
Three consumer experiences which you want to introduce in the coming years?
- More luxury brands will be added to the existing brand-mix.
- Infrastructure of the mall to be refurbished for an uber luxurious ambience.
- More digital interfaces to be introduced for customer interaction.
Any wishlist for your mall in the coming year?
The most important wish list is to touch a sale of one billion a month this year.