Retailers at shopping malls are expecting about 45-50 per cent increase in sales this festive season as they are offering freebies and easy finance options to beat competition from e-commerce players, a study by industry body Assocham said.
“Faced with heavy discounts from e-commerce, shopping mall owners in major cities are shaping back, going aggressive in the run up to Diwali, offering freebies and easy finance options, hoping to win back the footfalls and increase their business by at least 45-50 per cent in the ongoing festive season compared to similar period last year,” Assocham said.
It said that as per feedback received from retailers, malls in Delhi-NCR, Mumbai, Jaipur, Chandigarh, Hyderabad, Ahmedabad, Bengaluru and Chennai have already started seeing increased activity. Malls have adopted a new sales strategy of giving a festive feel to the consumers, it added.
This is also attributable to the malls, which had come under the twin pressure of slowdown and e-commerce onslaught by way of deep discount, getting their promotional marketing right. Many of them have tied up with the manufacturers of consumer durables and fashion wears for tempting schemes with easy finance options like TV, refrigerators, off-season AC sale and even high end mobile phone handsets.
Some malls in national capital New Delhi reported record business on weekends as buyers rushed to get clothes, food, jewellery and cosmetics for Diwali celebrations. In value terms, the growth is 20 percent higher than the previous year while in volume terms it could be around 10-15 percent higher, reveal the mall managers.
In value terms, the growth is 20% higher than the previous year while in volume terms it could be around 10-15% higher, reveal the mall managers.