India’s retail industry felt the same jolts and experienced the same challenges that the world saw, because of the pandemic. As the lockdown restrictions were lifted in June and July 2021 and with the parallel resurgence in the commercial real estate in India, there were signs of retail business recovery.
The footfall started rising gradually, and the property owners and retail business operations were again upbeat in their retail design, sales strategy, and the entire operations supply chain. A CBRE report on India Retail Reboot shows some interesting findings for different cities, and for different categories in ecommerce and in retail in general. It is no brainer that any paradigm shift in retail for strategy or business model has a direct impact on the commercial real estate.
Most retailers are expected to continue ramping up their digital capabilities to remain—The CBRE Report (source)
competitive. Store-based retailers will focus on unique shopping experiences such as smart mirrors, smart fitting rooms and other personalized and appointment-based options.
In September 2017, CB Insights published the store of the future which takes us through how retail strategy might be changing fast, to meet the quickly changing customer demands and their buying patterns. Commercial real estate is changing and the landlord-tenant relationship is responding to this change in retail model.