ShopFWD Summit 2024: Paving the Future of Fashion Retail and Shopping Centres – ET Retail

The ETRetail ShopFWD Summit 2024, held over two insightful days – June 26 and 27 in Mumbai, gathered an impressive assembly of the top minds in the fashion retail industry and shopping mall development. The event, attended by owners, MDs, and CXOs, showcased a series of discussions and panels aimed at deciphering the future trajectory of the retail sector. Key topics included retail’s new playbook, navigating the uncertainties of a volatile global market, and the dynamic evolution of mall-retailer relationships. The summit also focused on how global trends are reshaping Indian shopping behaviours, the expansion of retail space, and the ascendance of direct-to-consumer brands.Kavindra Mishra, MD and CEO of Shoppers Stop, set an optimistic tone for the summit, announcing, “Our beauty business is going to double in the next 2-3 years.” His confidence in the growth potential of the beauty sector underlined a broader sentiment of resilience and opportunity within the retail industry.

Nina Lekhi, MD and chief design curator of Baggit, emphasized the importance of understanding consumer behavior across different age groups. “Decoding the consumers’ behavior based on the age groups is important for a business like us to grow,” Lekhi noted, highlighting a critical aspect of market segmentation and targeted marketing strategies.

Kinchit Shah, senior director at Ekart, focused on supply chain innovations, asserting, “We can deliver a customised 4PL supply chain that unlocks value and brings down the cost of doing business.” This perspective resonated with the overarching theme of efficiency and cost-effectiveness that many businesses strive to achieve.

Shibu Philips, director of Shopping Malls at LuLu Group India, candidly addressed the financial realities of expanding market reach, stating, “To reach a wider consumer base and demographics consciously, we have to burn a lot of money.” His remark underscored the significant investment required to capture diverse consumer segments.

V. Muhammad Ali, CEO-Retail at Forum Malls, Prestige Group, highlighted the need to enhance consumer experiences, saying, “Creating an environment to drive better consumption is important.” This sentiment was echoed by Niladri Mazumder, president and COO of Seiko India, who remarked, “Luxury market needs more real estate to reach consumers across India,” pointing to the necessity of physical presence to tap into luxury markets.

Anshu Grover Bhogra, CBO of Forever New, discussed strategic store placement, stating, “Like-minded brands at a place is an important factor in choosing a store location.” This aligns with the broader strategy of creating shopping destinations that attract specific consumer demographics.

Mukesh Kumar, MD and CEO of Quest Properties, called for regulatory support for sustainability, asserting, “It’s important to have more regulations and systems to check sustainable measures. The more sustainable products, if the government can give some incentive, can help.” His call for government incentives to promote sustainability highlighted the growing importance of environmentally responsible business practices.

Rajendra Kalkar, business head – retail and hospitality at Adani Realty, spoke about the inevitable shift towards omnichannel retail, stating, “It is a matter of time for malls to offer omnichannel services.” Anupam Bansal, director of Liberty Shoes, shared this view, emphasizing, “Unifying the online and offline discounting helps provide convenience to the consumers.”

MG Gopala Krishna, Jt MD of MG Brothers, provided insights into the future of retail stores, predicting that “Today, 50-60% priority in a retail store is given to display and stocks. However, in the future it should evolve into a display centre.”

The importance of trust, cost, and differentiation was stressed by Himansu Shah, CEO of Tyaani by Karan Johar, who said, “Trust, cost, and differentiation are the important things to stay ahead.” Meanwhile, Rajesh Kadam, CEO of Inc.5 Shoes, emphasised the need for excellent customer service, stating, “Customer support should be neat and responsive.”

Abhinav Midha, VP – Business at GoKwik, underscored the role of technology in building direct-to-consumer (D2C) brands, asserting, “Technology should be tried for building a D2C brand.” His perspective highlighted the transformative potential of technological innovation in reaching consumers directly and efficiently.

Prakash Patel, MD of Bhumi World, pointed out the potential of discounted mall formats in expanding customer reach. “Malls today attract 0.5% of the customers. If we want to grow this, discounted formats have to increase substantially. This is possible by including more discounted malls at tier 2 locations that don’t exist. Discounted malls will widen the experience and 3X the number of customers.”

Ashish Kumar, Director at Designa, discussed the impact of innovative mall parking solutions on customer experience, stating, “Innovation towards mall parking will elevate the customer experience and give a cross-selling advantage to retailers.”

The summit was further enriched by keynote speakers Dr. Sanjay Mukherjee IAS, Metropolitan Commissioner of MMRDA, and Manushi Chillar, Miss World, Actor, and Founder of Dweep. Their insights and perspectives added depth to the discussions, making the ETRetail ShopFWD Summit 2024 a pivotal event in shaping the future of the retail industry.

The summit was supported by Bhumi World Factory Outlet, Ekart Logistics, GoKwik, Netcore, Designa, Amazon Shipping, Coign Consulting, Sociometrik, Brune and BareSkin, Saundh, and the Shopping Centre Association of India.