INTRODUCTION:

Demand and supply factors have directed revolution in International Retail. Demand Factor includes urbanization, per capita income and women participation in works force and supply factor includes procurement systems, distributions systems. Urban share is getting high, per capita income is increasing and more and more women are participating in workforce.

Gone were the day when customers went to vendors to vendors for different kinds of their needs, households need, personal need and professional need. Today customers are limited with time, stuck with city traffic.

India is becoming retail hub in the world¹. The country is pointed as one of the preferred destinations of investors/giant retailers².

Walmart began operation with Bharti and TESCO is kept eye on the growth of organised retail market here. Our country is witnessed major changes in socio economic level of people and it is not limited to geography and segments.

Indian retail sector is contributing 10% to gross domestic products and is the second largest source of employment generation³. This has transformed the lifestyle of consumers and to cater need and demand the birth of modern formats is happened. Hypermarkets and supermarkets are very popular today. Retailers are using winning formats suited to different geographic and segments. Some of the retailers are using multiple formats to penetrate the market and opportunities.

Mall culture is the talk of the day. Shopping mall is symbol of modern retail. Approx 600 malls are coming in next 2-3 years. Consumers are enjoying shopping in malls and they are willingly spending money to buy items of their choice and range.

Shopping malls are unparalleled in providing enhanced shopping experiences. These eat-play-shop venues have become distinct features of the urban lifestyle and are now popping up everywhere.

Table 1: Cities(Excluding Metros) in India : Investment in Retail and Shopping Mall Analysis

Sl. No.	City	High Growth	Emerging	Potential
1	PUNE	Y
2	INDORE		Y
3	COIMBATORE		Y
4	JODHPUR			Y
5	VIJAYWADA			Y
6	AHEMADABAD	Y
7	AMRITSAR		Y
8	RAIPUR			Y
9	RANCHI			Y
10	PATNA			Y
11	KANPUR		Y
12	GOA		Y
13	NAGPUR		Y
14	JALANDAR		Y
15	JAIPUR	Y
	Based on per capita income growth,paradigm shift in life styles
	during 2001-2010,purchasing power and economic development.

Table 2:Common Feature among Shopping Malls:

Shop pertainment	Show Business	Standardization	Space Crunch
Real ESTATE	Good Parking facility	Air Conditioned Climate	Coffee Bar,Ice Cream parlour

Fortune of Mall:

With malls so much in demand, it is no wonder that their number is expected to go up from 158 in 2005 to 600 in 2010-11⁴. According to a study by Images Group Retail, the size of organised retail, of which malls form a very significant part, is expected to grow from Rs 38,000 crore (Rs 380 billion) at present to Rs 100,000 crore (RS 1,000 billion) by 2011 - a jump of 2.8 times. In fact, 2008-09 was sluggish year because of global downturn but things are improving very fast and economy is again on track

Table 3:The Key Drivers for the development of shopping mall:

Economic Growth	Urbanisation	Consumerism
Brand Profusion	Availability Of Real State	Changing Consumer Needs And Preferences
Changes In Govt Policies	Increased investment in Retail

Economic Growth:

The economy is making presence felt in global market with high GDP growth and rising per capita income⁵.The prime factor for its growth is service led sectors that have substantially contributed to GDP outstripping the agriculture sector. This rapid economic growth is positively affected Indian Retail sector.

Urbanisation:

Table 4: Rural and Urban Population Graph⁶

Year	% Rural Population	% Urban Population
1901	89.2	10.8
1951	82.7	17.3
1981	76.7	23.3
1991	74.3	25.7
2001	72.2	27.8

(Source: GOI Website)

Table 5: Indian Middle Class

Indian Middle Class	1984-85	By 2025
	<10% of total population	Approx 40%

Source NCAER

Consumerism:

The increasing influence of the western media has led to a considerable change in the life style of the Indian consumer. The economic well being of Indian Middle class and their growing aspirations for material comforts has also been responsible for consumerism slowly gaining momentum in India. Today the Indian consumer are more inclined towards buying goods like cars, washing machine, audio systems, designers dresses, cosmetics and others. There are three categories of Indian Middle class.

Table 6: Indian Middle Class and Spending Category

Categories	Levels of Income	Spending/Category need and want
New Customer market	1 lac -2 lac per annum	Dress, perfumes, watches
Seekers	2-5 lac per annum	TV, Refrigerator, mobile, scoter or car
Strivers	5-10 lac per annum	Foreign made car, electronic gadgets, air conditioning, vacation,

This has changed the life style of people and they are willingly spending .

Brand Profusion:

Consumerism and increased brand conscientiousness has led to increased number of brands today. Today every product is branded. Sold, oils, flour which was earlier sold as a commodity is now branded. There is presence of almost all kinds of global brands in the present market situation. India has also share of strong brands like Titans, Mc-Donells, Asian Paints, ITC, Thumps-Up, Whisky, Kingfishers. The launches of more and more brands into the market increased the demand of shelf space and hence demand for retail outlets. Once the demand of retail outlets is increased, the building of new shopping mall is come up.

Changing Customer need and preferences:

There are various reason for changing customer needs and preferences

Ø Single family concepts

Ø Dual Income Concepts

Ø Limited to One children concepts

Ø Willing to spend concepts

Ø Brand Preference concepts

Ø Personal and Health Care concepts

Major contributor to these variables is Indian Middle Class. They are investing a greater portion of their income on upgrading and diversifying their life styles ,eating out and percentage of young population who are more ostentatious in their purchasing habits ,as this brand savvy urban population is likely to drive demand for lifestyle products – such as perfumes, jewellery and watches. The shopping mall is answer to cater entire need under one roof with DJ Music and flooded colored light.

A Large unorganized Sector:

Organised retailing in India is still at evolving stage and accounts for only 7 percent of the total market. The traditional segments comprising of Mom and Pop stores accounts for 93% of the total retails in India. In coming next five year the growth in organized sector will be increased phenomenally. This shows that growth of retail sector is very much expected. In fact, 2009 was sluggish year because of global downturn but things are improving very fast and economy is again on track.

Increased Investments in Retail⁷: An investment of $35bn is expected in next five to seven years. As per estimate 88% of this investment will directed to urban areas. The share of Investment slated for Hypermarket, supermarket, specialty stores and cash and carry is 40%,28%,18% and 14% respectively.

Another reason of development and growth of shopping mall is TechNet crowd. There is a revolution in engineering and Management College. These institutions are producing thousands of graduate technocrats who has good job, high perks they are not only to buy the gadgets and widgets, but also a large pocket depth and look at any price. They are willing to pay for the comfort and satisfaction.

Mall and WE:

Indian retail is reflected in its bustling shopping malls, multiplex centers and large shopping complexes offer, entertainment and food under one roof, the concept of shopping has changed in size and spending habits of consumers, the appearance of a revolution in shopping in India⁸.

Mall is largest format in modern retail. Shopping in Mall is like celebration ,it touch every layer of economic class with bargains, discount or high end brands, gaming and other amusement facilities for kids, large choice of cuisines for family meals and of course ,the multiplexes theatres.

Leisure time is limited and a visit to the mall can do a lot for a busy family - domestic chores like grocery shopping are taken care of and food courts and restaurants save the bother of cooking dinner after hectic shopping apart from keeping children entertained.

Combine this with the consumer's rising purchasing power and his increasing focus on value proposition rather than just price, and malls suddenly start becoming more relevant.
Families from middle and upper middle class are doing their monthly shopping at Mall and paying by cards. Earlier it was not seen. Families preferred neighborhood store with cash. This is happening because of increase in income, availabilities of credit card and demographic composition that favour spending in malls namely more than 80% of the population aged under 45 and 50 percent less than 25.

Some mall have added thoughtful value in services baby diapers changing facilities available in the ladies washroom .Some have reserved parking facilities for expecting mothers and handicapped people. Prams for children, free newspapers and Wi-Fi for net savvy youngsters.

Today mall is destination where wife can go for ration, husband go for high gadgets, the children can hangs out for food court and then everyone go for movie and follow up with meals at Pachvati Thali, Rajdhani Thali, Dominos Pizza or South idli dosa uttapam at Bikano. A family concept, Communities Concept of is upcoming in tier 1 and tier 2 cities and is becoming popular in Hyderabad and NCR.

Today’s Mall owners look at the mall as a way of creating social infrastructure.

Today the consumers are brand conscious .They are looking for shoes from Reebok, apparel from VAN Heusen or Louis Philippe. And Mall is one stop for them. Mall is also categorized in premium, luxury and value mall.

Growth and Development of Mall in capital city of Chhattisgarh, Raipur

(Shopping Mall Growth: Example other than Metros):

City Mall 36, Magneto Mall, Entertainment Mall, RK Mall, Lal Ganga Shopping Mall, Shopping Mall multiplexes Mova, Raipur, City Centre Mega Mall Pandri, Biggest Shopping Mall by Government of CG in Devendra Nagar, Raipur began in the year 2010.City Mall 36 is already functional. City Mall 36 has changed the culture of Raipur. Consumers are visiting the City Mall 36 for all kinds of households, personal, entertainment and relax need. The MALL is the perfect destination for those who want to enjoy shopping experiences outside home. The mall having everything from kids to menswear, from apparel to furniture, from food to gup-chup, chat, jhal-murhi. The success of city Mall 36 transformed the real estate projects. The more and more builders are coming into this area to encash the opportunities in retail sector.

CONCLUSION:

Shopping Mall is impacting our town and cities like it had never been imagined. Nearly 1000 mall is expected in the next 5 years, making paradigm shift in buying n shopping orientation of consumers. They are becoming our new community spaces, driving consumption and becoming a symbol of our Urbanisation. They are generating employment, both during and after development, boosting consumption and taking our economy to greater heights. These malls are redefining shopping and creating revolution in Indian Retail Sector.

REFERENCES:

1) PwC-CII Report 2008

2) Draft Paper on FDI in Multibrand Retailing 2010.

3) Impact of Organized Retailing on the Unorganized Sector, Joseph Mathew, Soundararajan Nirupama, Gupta Manisha and Sahu Sanghamitra, May 2008,ICRIER

4) Indian Food Retailing, Cygnus – Business Consulting & Research Pvt. Ltd., 2007.

5) Economic Survey of India and Technopak analysis, March 2008.

6) Government of India, Census and Projections, 2001.

7) Investment in India - Overview, Paras Kuhad and Associates, Advocates, 2008

8) FICCI Retail Report on Organised sector 2007-08.

Received on 06.04.2011 Accepted on 20.05.2011

Asian J. Management 2(2): April-June, 2011 page 67-70