As the COVID 19 virus holds the nation, the Indian retail reality expects an unpropitious impression on their businesses. Retail and commercial real estate foretells a difficult period but also is considered as one of the best options post coronapocalypse. In this blog, we have impersonated how the retail/commercial realty can prevent on-going difficulties due to COVID 19, by reinvigorating and boosting the one & only a digital game!
Social distancing: A Motive to E-Commerce
As social distancing has become a new normal, and that even after the lockdown has been lifted, not many people are venturing out; the concern of going to crowded places has developed in people. This will be sorted over some time & we have to wait & watch the situation. This will drive an increase in online shopping, and the brick-and-mortar retailers, along with malls, need to plan an Omni-channel strategy to impede the e-commerce challenge.
The post-pandemic society will witness a change in consumer behaviour and overall lifestyle. The prudent consumer will abstain from spending on leisure, travel, hospitality, movies, fine dining, white goods & fancy gadgets. The consumer mind-set will turn toward more savings, as intimidation of pandemic relapse is threatening large, all this will affect the overall retail consumption.
The recovery from these changed behaviours and shopping pattern is supposed to continue for a period of the next 6-9 months at least. By the last quarter of this FY 2020-21 and the year ahead, 2021-22 will witness the period of normalcy. Hence, the malls & shopping centres presently under construction will be in favourable terms. Indeed, people who have already invested in the retail/commercial sector will gain a good ROI in the coming years as the coronavirus sets back out of the country.
The Adaptations & Omni channel Presence for a Smart Future
The need for new adaptations & Omni-channel presence for a smart future, The consumers now will necessitate interconnected online and offline channels from where they can smoothly choose, depending on the product, which channel they use to get data about an item and where to buy it ultimately. Malls can get into the extension of their contributions to online channels and via the combination of all brick-and-mortar and digital channels to implement an Omni-channel experience. The on-going malls, which are under construction, can make a bright digital future with certain norms adopted & can gain in the coming years.
Commercial real estate sector the new favourite for NRIs: Call for institutional and commercial properties are also determined to prosper over the next few years. With the rise of unique micro markets and residential hubs, the concurrent need for malls, shopping complexes, multiplexes, commercial buildings, office complexes, co-working spaces, logistic and warehouse spaces will also be evolving in tandem, and all this will be giving enough stimulus for the NRI investors to invest in the commercial properties in India. This is the reason why NRI investors who have for long spent in the residential real estate market are now gradually shifting gears toward much fruitful commercial asset class. This definite shift of well-heeled NRI investors towards marketing properties is because of the adequate yields that they remit. There has been a steady rise in the need for commercial spaces like offices, IT parks, malls, service apartments, etc. The capitals are getting invested in world-class assets of large IT buildings, malls and warehousing. There is a reasonable regular requirement for grade A assets, and thus the funds can perform well and give good returns to the investors.
The Way Forward
In the meanwhile, reinventing and relearning is compelling for growth. In a society, where social distancing has become the new norm, it is imperative to upgrade the businesses for staying connected to the new-age discreet digital customers.
It is essential to stay connected with the consumers during the lockdown period as well through the practice of social media, surveys, smart digital campaigns and even exciting online contests for customer engagements. Maintaining sharp lines of connection and communication is the key to maintain the consumers base, especially in the Retail Reality.
About Saya South X
Real Estate sector has been an evergreen investment option for the investors. Looking at the other investment options such as share markets, gold jewellery, stocks, the end-users are facing many problems in this front. Such is, Saya South X, a mixed-used luxury high-street development project in Greater Noida West. The mixed-used high-street has a distinct set of spaces such as retail shops, anchor stores, and gourmet dining outlets, multiple business suites, smart offices, restaurants, cafes, and a six-screen multiplex. It is a three side open project located at the roundabout with a prominent frontage. It is a stately building with the most advanced conveniences such as CCTV’s, smoke detectors, fire fighting systems, sprinklers as per NBC, etc. The destination aims to lure nearly 5, 00,000 families in the vicinity. Saya South X can be envisioned to be a novel high-street with the highest ROI in the future.
With the recent on-going crisis of Coronavirus outbreak, the property developers such as Saya Homes, over the years, have driven from forming an archetypal. The world is evolving to a throbbing community, granting its residents the outstanding lifestyle, in North India, in NCR. Overviewing of the current market scenario and with the outbreak of the novel coronavirus pandemic, it has been a speed-breaker of sorts for many industries and various sectors of the economy in India except the Real Estate sector.