Redefining luxury in the realm of retail emporiums
The well-travelled consumers of India today are very well versed with the innumerable international and luxury brands and services they are worthy of. These consumers today are very sensitive towards the services offered to them and choose to hangout in places that offer and treat them well while maintaining a certain class. The important thing is they are willing to pay the price provided they get the services and products they expect.
The present day customers go to malls and high streets with a changed set of expectations, it is not just about what kind of product and services they want to buy, now it is also about where they like to do their shopping and how would they like to go about it. Luxury is about exclusivity; how are luxury retailers working to make the shopping experience exclusive?
There are various measures that the luxury shopping malls and the high streets are taking up to offer an exclusive experience to their customers. They are training the sales staff, the house keeping staff and so on to be able to recognise the buyers’ taste and preferences. These places are bringing in various devices and technologies to be able to counter the various needs and necessities of their customers in an exclusive way. These malls and high streets are employing best of the class services to ensure an elite experience for their customers within the premises of these places. These malls are revamping and reinstalling various products right from their showrooms to their washrooms. Exclusivity implies visible differentiation that makes them stand out in terms of looks and services from the rest. The shoppers today prefer a kind of ambience that looks and feels like the luxury shoppers’ paradise.
Many famous international luxurious brands in India have restricted themselves to the five star hotels only because of the services, amenities and the ambience that these hotels provide. However, these five star hotels do not help in generating captive shopper traffic. While the gloom of an economic slowdown appears to envelop the broader economy, the luxury business is thriving. India is now the 12th largest market globally for luxury products. Over the next couple of years, it is likely to emerge among the top 10 luxury markets. The highest growth in the Indian luxury industry has been recorded in Delhi across all brands, closely followed by Mumbai. The south of the country: Bangalore, Hyderabad and Chennai is in a catch up mode. The prospects look good though.
Everyone likes a little retail therapy every now and then. A bit of self-indulgent materialism never did anyone any harm. But the increase in the range and brands of luxury goods available has led to an increase in luxury in all aspects of retail, including the malls themselves.
The luxury shopping destinations are now laying their hands on the most sophisticated products to woo and retain customers. Their challenge is not to overdo but to keep the ambience serene. The new amenities include world class washroom accessories and flat TV’s. The luxury retail industry is spending considerable amount in providing a wholesome experience, loaded with newer amenities. One major reason the luxury retail players are fighting to outdo each other with new luxury amenities is to keep up with the expectations of customers, many of whom have poured money and sweat into improving their own homes. Gone are the days when people used to visit shopping complexes and be amazed and appreciate the amenities and services provided by these places. Today, most consumers have all the facilities they see in malls in the comfort of their houses.
The shopping malls and complexes with compromised facilities cannot afford high end luxury brands in their spaces which renders them to be an average shopping destination. The high end shopping destination that has amenities that are world class and match upto the expectations and class of its consumers has bagged some of the largest international luxury brands in India in the past few years. These brands have been waiting for years to enter into the Indian market and were unable to do so due to lack of the quality space and right brand mix with destination malls. However, now the boom in the luxury business after the realisation that offering classic amenities right from the showroom to their bathrooms is important, has led the trend to international brand foray into India as well.
It is such luxury offerings amongst others that make a destination mall, distinguishing them from the rest of the lot. The location, the building, the décor, the high end brands they house, the services and facilities right down to the sanitary fittings in restrooms make these places a cut above the rest and bracket them to be the crème de la crème in their segment. A posh locality that is known for being inhabited by the elite class is the first feature in terms of location. The building that houses the luxury shopping complex has to radiate elegance and décor and the landscape skirting the building should be pleasing to the eyes. While the shopping arena will house the best of domestic and international brands that spell luxe, the restaurants and food outlets will also include renowned brands that serve the best of global and Indian cuisine. Not only this, a well-planned luxury mall will also invest in the overall look, services and facilities of other areas like the restrooms which should smart products that maintain the classy look and feel of the place without compromising on the hygiene.
People who indulge in luxury have an eye for detail in whatever they do and wherever they go. This means that the concept of luxury must be all-pervading and ubiquitous enough to be visible in every aspect of the mall- from the retail space literally to the restroom! This defines the aura of sophistication, class and luxury of the space to the fullest.
Renu Misra, vice president and managing director, Grohe India Pvt. Ltd.
The views expressed in this article are the author´s own.
