Mumbai: Formerly known as IRF, international retail property market event MAPIC recently concluded its highly anticipated session “Innovating The World of Retail” with MAGIC Pin and Nykaa on September 13th and 14th, 2023, at the JIO World Convention Center in Mumbai.
MAPIC is India’s foremost annual event where retail brands converge to gain knowledge, foster growth, explore, and immerse themselves in the future of the retail industry within the world’s most rapidly expanding market.
Given India’s reputation as a “Value for Money” market and its robust youth-driven economy, outlet malls hold tremendous potential for growth. The country’s real estate landscape is projected to have a promising future at a valuation of approximately $2 trillion by 2023, as per a report by Boston Consulting Group. As India grows to be the world’s 5th largest real estate destination, outlet malls are swiftly emerging as the preferred shopping destination, playing an indispensable role in a brand’s retail journey and enabling them to convert aged and surplus stock into profit without compromising their full-price business. Outlet malls also offer a unique platform for brands to maintain their brand identity while expanding their reach to new customer segments. It’s noteworthy that a remarkable 97% of the world’s top brands endorse these malls, with many adopting dedicated outlet strategies featuring exclusive product lines.
The session was expertly moderated by Nandini Taneja, Vice President of Reach Group, who was joined by a panel of distinguished industry experts. The panel included Manish Kapoor, Managing Director and CEO of Pepe Jeans India; Prakash Patel, Managing Director of Bhumi World Industrial Park; Nitesh Kumar, CEO of Reliance Footprint/Trend Footwear/Payless/Lee Cooper/Catwalk/Performax at Reliance Retail; Sanjay Vakharia, Co-founder and CEO of Spykar; and Susil Dungerwal, Chief Mall Mechanic of Beyond Squarefeet. Together, they engaged in comprehensive discussions on the pivotal aspects of outlet malls. These conversations spanned topics such as the future of outlet malls and their alignment with customer expectations, the retailer’s viewpoint on cannibalization, the entry of international luxury brands into India, and the meticulous curation of the finest Indian and international brands to offer world-class retail experiences.
Nandini Taneja, Vice President of Reach Group and the Moderator of the discussion, expressed her enthusiasm, stating, “The MAPIC India 2023 panel discussion illuminated the promising opportunities that outlet malls offer to the Indian retail landscape, serving as a pivotal platform for in-depth deliberations among industry titans. Throughout this immersive session, participants delved into disruptive strategies, customer-centric approaches, and sustainable practices, totally reshaping our perception of the retail sector. It was such an invigorating interaction that explored digitalization, omnichannel experiences, sustainability, and data-driven insights that contribute to a more agile and customer-centric retail ecosystem.”
MAPIC India 2023 continues to play a pivotal role in driving innovation and growth in the global retail sector, serving as a platform for knowledge sharing, networking, and exploring new opportunities.
About MAPIC India:
Established in 1995, MAPIC has always been at the leading edge of the retail revolution, constantly adding new location-based elements while remaining true to its core mission – to bring retailers, developers, cities, investors, and specialists together to understand, embrace and drive forward amazing lifestyle destinations, attracting attendees from more than 80 countries. As evolving consumer needs compel the industry to re-imagine the future of shopping destinations, MAPIC has been at the forefront of these dramatic changes and has taken a leading role in embracing leisure, food & beverage, innovation, and the challenges of the new retail mix.
About Reach Group:
Reach Group is a real estate development firm with projects over 2 million sq. ft across retail, commercial and residential spaces. Real estate has become a billion-dollar industry over the last decade, with innovation in construction technology and the increasing need for enhanced living spaces as well as open-air commercial structures. Driven by the promise to deliver top-quality commercial and retail space on time every time, Reach Group works with passion, commitment, and diligence.