Word: varadharajan
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...keep their wallets closed. According to KSA Technopak, the "conversion rate"?the percentage of visitors who turn into shoppers?is as low as 10-15% in Indian malls. Some retailers wish they had made that discovery sooner. "It's not been worth my investment to come here," laments Varadharajan...
...present in 70-80% of the capital's new malls, points out a fundamental problem facing malls that are already operating around New Delhi: a lot of people come to see them and to enjoy the air-conditioned luxury, but not many spend money there. Usha Varadharajan, owner of The Next Shop, which sells gift items like crockery and soaps in the Centrestage Mall in Noida, another township near New Delhi, knows the phenomenon all too well. "Most people just walk in and walk out without buying a thing," she says. Standing outside her store, 17-year-old Ankur Malik...
...India's mall boom is premature for the country's level of economic development, says Bakshi, "Incomes in India have grown, no doubt, but we need to grow much faster?at 10% for five or six years, like China?before we can support all these malls." For shop owner Varadharajan, that much economic growth still wouldn't justify all the malls being planned for a small town like Gurgaon. "Even a prosperous country wouldn't have 20-30 malls in a radius of a few square kilometers...
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