Curating a Lifestyle Ecosystem Beyond Retail

As consumer preferences evolve and the lines between retail, entertainment and lifestyle continue to blur, malls are increasingly being reimagined as experience-led destinations. In this changing scenario, Korum Mall in Thane has focused on evolving its retail mix, strengthening customer engagement and embracing technology to stay relevant to today’s consumers.

In an exclusive conversation, Deva Jyotula, Senior VP, Korum Mall, shares his perspective on the changing retail real estate landscape, evolving consumer behaviour, the role of technology and how malls can create experiences that go beyond shopping.

For years, e-commerce was anticipated to disrupt traditional malls; however, organized retail continues to thrive. What fundamental shifts in consumer behavior have enabled malls to remain relevant, and how has Korum Mall adapted to these changing expectations?

For years, it was widely believed that e-commerce would eventually surpass physical retail. What has emerged instead is a more balanced consumer behaviour, where digital and physical channels complement rather than compete with each other. While online platforms offer convenience, consumers continue to value experiences that cannot be replicated digitally whether it is interacting with products, spending quality time with family and friends, discovering new brands, dining or simply enjoying a vibrant social environment. This shift has transformed malls from transactional shopping spaces into integrated lifestyle destinations.

At Korum Mall, we have embraced this evolution by focusing on creating experiences that extend far beyond traditional retail. Our approach has been to curate a balanced ecosystem of shopping, dining, entertainment, movies and wellness, while also fostering meaningful community engagement through cultural festivals, family-centric events, fitness initiatives and other immersive experiential activities.

In an era where films are readily available on OTT platforms, movie promotions continue to find their biggest stage at malls, reinforcing the enduring value of shared, real-world experiences. Similarly, while online gaming has witnessed tremendous growth, Korum has successfully brought communities together through offline gaming and competitive events such as PUBG tournaments, chess championships and interactive gaming experiences, demonstrating that consumers continue to seek meaningful social connections beyond the digital world.

We believe the future of organized retail lies not in competing with e-commerce or digital entertainment, but in complementing them by creating authentic, engaging and memorable experiences that cannot be replicated online. By bringing people together through shared moments, Korum has evolved into more than a shopping destination, it has become a vibrant community hub and an integral part of consumers' everyday lives.

The role of malls has expanded beyond transactions to becoming destinations for experiences, community, and entertainment. How is Korum Mall redefining the purpose of a shopping center in today’s experience-driven economy?

The role of malls has evolved significantly as consumer expectations have changed, and at Korum Mall, we have evolved alongside them. Today, people are not simply looking for places to shop; they are looking for destinations that make their time worthwhile. Consumers increasingly value spaces where they can spend quality time with family and friends, discover new brands, enjoy diverse dining experiences, access multiple services under one roof and participate in experiences that cannot be replicated online. This shift has transformed malls from retail destinations into lifestyle and community hubs, and at Korum, our focus has been on creating a destination that people choose to visit not just to shop, but to connect, engage and belong.

At Korum Mall, we have embraced this evolution by focusing on creating value beyond transactions. Our approach is centred on curating an ecosystem where retail, dining, entertainment, movies and wellness come together with experiences that foster community engagement. Whether through cultural celebrations, children's activities, book fairs, fitness programmes or seasonal events, every initiative is designed to give consumers a reason to visit beyond shopping. Equally important is our thoughtful tenant mix, ensuring that every visit remains relevant, engaging and rewarding for a diverse consumer base. We believe the future of successful malls lies in encouraging people not only to shop, but also to stay, connect and spend meaningful time. When a mall becomes a place to connect, unwind, discover and create memories, commercial success naturally follows.

As retailers increasingly evaluate stores based on productivity rather than size, what metrics matter most to mall developers today, and how does Korum Mall ensure sustained value creation for its brand partners?

The way we assess retail performance has become far more nuanced, moving beyond store size or footfall alone. Today, key metrics include trading density, sales productivity, conversion, dwell time, repeat visitation, customer demographics, category performance, customer demand for brands and engagement levels. Together, these provide a more holistic understanding of retail effectiveness and long-term brand success.

At Korum Mall, value creation is rooted in understanding consumer behaviour and continuously adapting our retail ecosystem to evolving market needs. We work closely with our brand partners to optimise store footprints, expanding or resizing stores based on demand and trading performance to improve productivity and enhance trading density. Combined with thoughtful tenant curation, experience-led programming and sustained consumer engagement, this ensures our retailers are well-positioned to drive sustainable growth while delivering greater value to our customers. Well executed events and community initiatives not only drive footfall they also increase dwell time and improve cross category customer interaction.

Our objective is to create lasting collaborations with brands by creating an environment that always helps business grow and gives consumers enjoyable experiences.

Artificial Intelligence is reshaping retail at every level—from consumer insights to predictive analytics. How is Korum Mall leveraging AI and data intelligence to improve customer engagement, optimize tenant performance, and make smarter leasing decisions?

Artificial Intelligence now plays a crucial role in today’s retail sector, especially in understanding shifting consumer habits and boosting operational effectiveness. Though technology cannot substitute the human touch in retail, it enhances decision-making through data-driven insights.

At Korum Mall, we increasingly leverage AI to analyse customer and operational data, helping us understand customer behaviour, High-traffic shopping periods, preferred product categories and how customers engage with different zones within the mall. These insights enable us to refine marketing strategies, curate more personalised experiences and equip our retail partners with a deeper understanding of evolving consumer behaviour.

Data intelligence also plays a critical role in assessing tenant performance, undertaking ADSR (Automated Daily Sales Report) analysis and evaluating trading trends to support informed leasing decisions and arrive at the right rental values. As we continue our digital transformation journey, we are also progressively adopting automation to enhance operational efficiency, accelerate decision-making and improve overall business performance. Combined with continuous analysis of consumer behaviour and retail performance through AI, these capabilities help us optimise our tenant mix, strengthen brand partnerships and create a more efficient, future-ready shopping destination.

Consumers now move seamlessly between online and offline channels. How do you see malls fitting into the omnichannel ecosystem, and what role can mall developers play in helping brands deliver a truly unified customer experience?

The distinction between online and offline retail is less clear than ever. Consumers today expect a seamless shopping journey, moving effortlessly between digital and physical touchpoints. They may discover a product online, experience it in-store and choose to purchase it either at the mall or through a digital channel. Increasingly, many e-commerce and Omni channel orders are also being fulfilled from physical stores within malls, reinforcing the role of malls as both experience centres and fulfilment hubs rather than just retail destinations.

What physical retail uniquely offers is the ability to experience a brand first-hand. Malls provide customers with the opportunity to see, touch and try products, seek expert assistance and engage with brands in ways that cannot be replicated online. These immersive experiences not only complement digital commerce but also strengthen customer confidence, brand loyalty and purchase decisions.

As mall developers, our role extends far beyond providing retail space. We are enablers of the Omni channel ecosystem, creating environments where brands can seamlessly integrate physical and digital experiences. From enabling experiential activations and leveraging consumer insights to curating the right retail mix and supporting evolving fulfilment models, our focus is on helping brands engage customers consistently across every touchpoint. The future of retail is not about online versus offline—it is about creating connected experiences that place the customer at the centre.

Gen Z is redefining retail with its preference for immersive experiences, authenticity, and digital convenience. How is Korum Mall reimagining its retail environment to stay relevant for this new generation of consumers?

At Korum Mall, we recognised early that Gen Z consumers are looking for brands that reflect their lifestyle, values and aspirations. We were among the first malls to introduce Gen Z-focused brands like Burnt Toast, which resonates strongly with younger fashion-conscious shoppers. Given that a significant share of our marketing investments is focused on digital and social media rather than traditional outdoor advertising, we are well positioned to engage this audience where they spend most of their time. A significant portion of our weekday footfall comes from Gen Z, making it important for us to continuously evolve our retail mix. Beyond brands, we focus on creating an engaging environment where young consumers can discover new products, socialise and enjoy experiences. Staying relevant means listening to this audience and ensuring the mall continues to reflect their changing preferences.

With the rapid rise of D2C brands and digitally native businesses, what changes are you seeing in leasing strategies, and how is Korum Mall adapting its tenant mix to support the next generation of retail brands?

We are witnessing a growing number of digitally native brands expanding into physical retail to strengthen customer engagement. Brands like Lenskart have demonstrated how an online-first identity can be successfully complemented by an offline presence. Physical stores help increase visibility, attract new customers and offer consumers the opportunity to experience products before purchasing. They also enable brands to receive direct customer feedback and build stronger relationships.

At Korum Mall, we actively welcome such brands because they bring innovation to our tenant mix while offering shoppers the convenience of both digital and physical retail experiences. As part of our evolving leasing strategy, we are also actively evaluating several D2C brands that align with our customer profile and retail vision, ensuring our tenant mix remains contemporary, relevant and future-ready.

Retail real estate today is as much about partnerships as it is about space. What does Korum Mall look for in a retail partner, and how are developer-brand collaborations evolving to drive mutual growth?

At Korum Mall, we believe successful retail partnerships are built on transparency, collaboration and long-term value creation. We provide prospective brands with a clear understanding of our customer profile, helping them evaluate whether the mall aligns with their target audience. Our leasing strategy is supported by data-driven insights, including ADSR analysis and trading performance, enabling us to arrive at the right rental structures, including revenue-sharing models where appropriate, to create a sustainable partnership for both the brand and the mall.

Beyond leasing, we work closely with our retail partners through joint marketing initiatives, category-led events, brand launches, promotional campaigns and experiential activations that drive footfalls, strengthen brand visibility and enhance customer engagement. Our focus is on curating a balanced mix of brands across fashion, lifestyle, dining and entertainment, ensuring relevance for both premium and value-conscious shoppers. Having Thane's largest Westside is one example of our commitment to partnering with brands that appeal across generations while driving long-term growth for both our retailers and Korum Mall.

As mixed-use developments and integrated lifestyle destinations gain momentum, how do you see the future of mall development changing over the next decade? What opportunities does this create for retailers and consumers alike?

Integrated lifestyle destinations are shaping the future of retail by bringing together shopping, dining, entertainment and other experiences in one destination. Their growing popularity lies in the synergy between complementary uses, where retail enhances residential, commercial and hospitality developments, while hotels, offices and residential communities generate a steady, built-in customer base for retail. For retailers, these developments offer an opportunity to establish a presence in locations that closely match their target audience. Since retail spaces in many mixed-use developments are carefully curated, developers can create a complementary tenant mix that benefits both brands and consumers. For shoppers, this means greater choice, convenience and access to products and experiences that suit their evolving lifestyles.

Looking ahead, we believe destination-led, large-format malls will continue to evolve by offering richer experiences, stronger brand curation and deeper community engagement. At the same time, smaller neighbourhood retail formats will need to continuously reinvent themselves to remain relevant as consumer expectations evolve. The future of malls will be defined not just by retail, but by their ability to create vibrant community destinations where people choose to spend their time.

What is your vision for Korum Mall and the broader retail real estate sector? Which trends; whether AI, sustainability, experiential retail, or technology-led infrastructure, do you believe will define the next chapter of India's shopping destinations?

Our vision for Korum Mall is to continue evolving into a destination that goes beyond shopping by delivering meaningful experiences for every visitor. The future of retail real estate will be shaped by a combination of technology, sustainability and experiential offerings. AI will enable more personalised customer engagement and smarter operational decisions, while sustainable infrastructure will become an expectation rather than a differentiator. Experiential retail will continue to drive footfall by giving consumers reasons to visit beyond making purchases. At Korum Mall, we aim to embrace these trends while maintaining a strong, curated brand mix that keeps us relevant for future generations of shoppers.