Shopping malls are gaining importance as places of recreation, apart from the experience of shopping, for many in metros and cities. They have become one-stop solution for various needs of the customers—from entertainment to buying daily groceries. Though they are considered expensive, the recent competition among retailers has lowered the prices of all products, thus making it easier for the common man to shop as well. Shopping malls have become vibrant and attractive places where people end up buying things at random (Roy, 2011). This kind of shopping has become part and parcel for many due to their busy schedules and ease of buying everything under one roof.
The retail sector in India is growing at a phenomenal pace. According to the Global Retail Development Index 2012, India ranks 5th among the top 30 emerging markets for retail. A recent announcement by the Indian government regarding Foreign Direct Investment (FDI) in retail, allowing 100% FDI in single brand retail and 51% FDI in multi-brands retail, has created positive sentiments in the retail sector. The Indian retail industry has grown at a CAGR of 14.6% for the period
FY 07-12(p). The said growth can be attributed to the growing Indian economy, increase in Private Final Consumption Expenditure (PFCE) and the change in the consumption pattern of the Indian populace. The changing consumption pattern, in turn, primarily remains driven by higher standard of living, growing middle-class population, greater proportion of working women, increase in penetration levels of organized retail, etc. (Credit Analysis and Research Limited, 2012).
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