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perspective a quar terly repor t by Volume 02 / 2009 11 | Retail Real-estate Trends | Volume 02 Increasing Role of Entertainment Formats in Mall Development 02 Entertainment is an increasingly vital component in the development of new malls. One of the key developments that has happened over the past few years is the addition of entertainment element as part of the shopping center. In a bid to offer a complete shopping-andentertainment experience for the entire family, mall developers in India are also placing an enhanced emphasis on entertainment-oriented components such as multi-plexes, video-game arcades, playing area for children etc. New age shopping centers have started including elements such as sports facilities, theatres, children’s activities, gardens and restaurants to provide customers with multiple options on where to shop, what to do. It makes the entire mall environment much more vibrant as well as provides an element of differentiation. Entertainment Examples - India Planned Components DB Realty Orchid Ozone mall spread over 2.5 Mn sq.ft. expected to open by 2009 end. Ambuja Housing Development in Kolkata. A mystifying water themed atrium, a 20-screen mega-plex, a kids 'play & care' zone and food courts offering world cuisine overlooking the water themed atriums. A 1,000 sq.ft. butterfly park on the second level housing 40 species of butterflies. There is a growing need for more such developments in the future to create differentiation between various malls. Developers need to realize that their shopping centers need to be entertaining, and that shoppers want their malls and town centers to blend with and reflect on their own communities. This shopping and entertainment concept that includes interactive retailing, state-of-the-art movie theatre complexes, minimotor speedways, natural rock climbing walls, cycling, ice rinks, lakes etc. has done very well globally and gained popularity as a mall format. A large number of major malls in the US & other countries have repositioned themselves over the years and included entertainment as a key element to attract higher and wider footfalls. Much of that adaptation has been centered on becoming a one-stop entertainment, dining and shopping destination with broader appeal than that offered by simple food courts. Exhibit 3 Entertainment Examples Planned Components Exhibit 2 Key Developments with Entertainment Element-India The Dubai Mall World's largest aquariums featuring 33,000 living animals; an olympic-size ice rink; an entertainment section including the region's first SEGA indoor theme park; and KidZania® - a children's 'edu-tainment' center. Mills Corporation, an American mall developer (malls ranging from 1.2 Mn sq. ft. to 1.9 Mn sq.ft. Key Developments with Entertainment Element - International With an average occupancy rate of 96%, offers ‘Shopper-tainment’ –interactive retailing, stateof-the-art movie theater complexes, mini motor speedways, natural rock climbing walls, ice rinks, laser tags and more. In the Indian context, multiplexes have already emerged as the most significant entertainment option in the malls. The need of the hour is to look at more innovative entertainment elements as a key to differentiate malls.
Exhibit 4 Phase 1 (1920-1950) Development of Shopping Center Phase 2 (1950-2000) Era of Modern Shopping Mall Evolution of Shopping Centers in the US Garden City Retail Development Customer Dissonance Theme / Festival Centers Cost Focus on Entertainment Lifestyle Centers perspective a quar terly repor t by Shopping Center Development of Operational Process Regional Center Factory Outlets Differentiation Bigger Malls Competition from Discounters & Super Centers Community Participation The retail center of the future — whether it is enclosed or open-air, big or small, theme-based or general - will also be designed to resemble a community, not just a place to shop. This implies an environment that forges links with the communities by opening wellness centers, libraries, city halls and play area for children. Volume 02 / 2009 | Volume 02 Retail Real-estate Trends | 12
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