MUMBAI'S RETAIL SECTOR JOINS RANKS OF GLOBAL CITIES, GOES 24X7

Adding the next level to the legendary nightlife of Mumbai, the Maharashtra government has finally given a thumbs up to a proposal with far-reaching economic ramifications. We bring you the scoop along with other significant retail events over the last one month…

WHAT TO EXPECT WHEN MUMBAI RETAIL GOES 24/7

Adding the next level to the legendary nightlife of Mumbai, the Maharashtra government has finally given a thumbs up to a proposal with far-reaching economic ramifications. From January 27, select malls, eateries, multiplexes and some other retail establishments can remain operational 24/7.

The city that never sleeps is living up to its reputation as it joins the ranks of global cities such as London which operate 24/7. It is a definite boost to the financial capital’s overall economy. One of the main advantages is that it will help generate more employment opportunities as retailers looking to avail this option will need to hire more people to handle the night shift, as per ANAROCK’s Anuj Kejriwal. Elsewhere in the world, this approach has worked quite well on that front. According to available data, employment in London rose perceptibly on the back of its night-time industries. Between 2001 and 2017, this sector grew by 2.2 percent a year compared to the overall growth of 2 percent, Kejriwal says.

Obviously, the state government will generate considerable additional revenues even as retail establishments tap into a great opportunity to counter the ongoing consumption slowdown.

Perhaps on the most significant benefits for brick-and-mortar retailers is their increased ability to compete more convincingly with essentially 24/7 online retailers. It will be interesting to see how e-commerce players respond at a time when practices like deep discounts are already under the scanner.

The positive impact of this move is quite location-dependent and will therefore not benefit all retailers and customers in the city. The major impact zones would be retail establishments in and around offices that operate at all hours, such as BPOs and other IT/ITeS entities.