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Post Covid, organized retail will grow as it provides hygiene and safety to visitors: Mall developers
New Delhi: Speaking at a webinar ‘COVID 19 – Retail Tales’, aimed to discuss the strategies to overcome the crisis which has gloomed the booming retail sector in the country, realty experts felt that commercial segment will get impacted in the short term but in long term things will come back to normal.
Malls have been known to rely on events to increase footfalls but now with increasing social distancing norm the situation might turn out differently.
Another topic of discussion at the webinar organized by ICCPL and Realty & More was the rent relief situation arising between developer and retailer.
Discussion also took place on the trial room facility of apparel stores, which form a large part of a mall. With social distancing and hygiene becoming a norm, question was raised on trial of clothes by buyers at which retailers at the webinar informed that some brands are taking a call on putting the tried clothes back on the display only after sanitizing, dry cleaning or semi dry cleaning. However, it is little premature to talk about it as brands are still working on this aspect.
In China one of the outlets of French luxury brands locked sale of USD 2.7 million as people in China went out for shopping after a long lull of shopping as they were deprived of it.
In the time when people have become used to frugal living during lockdown, doubts were raised on people’s psychological behaviour due to fear of going out. Rathore said, “Yes there might be some deferment of the demand but it will not die. People will come back to malls and there is a certain segment of youngsters who dying to go to malls and willing to spend. Next 6-8 months cycle will tell us where we are heading. Shopping in India is feel joy factor.”
He was of the view that cinema and entertainment part will pick up after some time.
The panelists comprising developers and retailers also requested that the property tax should be waived off as they have not been using the property. Then they also wanted clarity on deferment of EMIs as it is for three months and there is no clarity on how it will work whether three month’s EMI has to be paid on fourth month or the tenure will get increased.
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