Malls see rise in business over holiday season
today Jan 4, 2019
Many malls have reported higher customer footfalls and revenue over the December festive period compared to a year before thanks to lavish promotional events and advanced sales.
Following a holiday season that saw malls spend more than ever before on Christmas themed décor, many malls have also reported higher sales in December 2018 compared to the same time the year before. Along with live music, performances, and themed shopping events, many malls also offered heavy discounts and this also helped revenue to increase.
Select Citywalk in New Delhi saw footfall increase by five percent and sales by 14 to 15 percent this festive season (compared to that of the year before). The mall’s CEO, Yogeshwar Sharma, told ET Bureau that the holiday season had been a success for the mall. Another mall chain in the capital, DLF, also reported a 20 to 25 percent increase in business over the Christmas period.
“In December 2018 we have seen the best footfall in our mall,” Manoj Agarwal, the chief executive of Viviana Mall in Mumbai, told ET Bureau. “We expect the trading numbers to commensurate as those numbers will come by mid-January. Most of the retailers are saying sales are above their target or around the targeted number.”
Ambience Mall in Gurugram reported queues of shoppers lined up outside its international fashion shops on Christmas Eve and footfall up 20 percent over the holiday season. Like a domino effect, many malls also advanced their end of season sales to cover the Christmas and New Year period.
As many malls offered deals starting at between 40 and 50 percent off goods and not long after the Diwali and Black Friday sales, increased revenue may not translate into increased profits. However, as malls fight to keep customer footfall up in the age of e-commerce, this is still a victory for offline retail.
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