Under most circumstances, flea markets are an important retail model in times of economic uncertainty, particularly in an exceedingly country with a well-outlined section of individuals who believe in no-frills cut price shopping. Primarily, this idea has perpetually existed in India in the open bazaar model. Local dealers have not had much problem in bringing their wares before a sizeable audience. What we have a tendency to are witnessing now is a a lot of organized avatar of the identical from the West.
In an exceedingly flea market, the advantages to each retailer and shopper tend to be manifold. The retailer advantages from a coffee entry value, a ready and curious shopper catchment to check new product on, and a chance to gauge both the consumer demand and also the competition. In different words, flea markets will serve as a barometer with that to live various necessary aspects of the retail market. Moreover, they already offer the advantage of saturation advertising by the organizers. Shoppers, on their part, get to partake of a unique festive feel, to examine a range of merchandise up close and to seek out some distinctive introductory-part bargains.
But, there are evident hiccups with popularizing a hybrid, mall-based mostly flea market model in India. For one, the mall culture - that is still relatively new and novel in the Indian context - has groomed Indian shoppers to expect an aura of sophistication and glitzy grandeur from their searching experience. Flea markets, even inside malls, do not essentially give such an environment and might be associated with a a lot of down-market sort of shopping. Secondly - and as already stated - this retail format is essentially not new to Indian sensibilities, therefore differentiating a flea market from one in all the acquainted bazaar streets may be a challenge. In India, the model needs evolve additional therefore that it adapts more to the Indian mindset.
If it's organized within a mall with preexisting popularity among shoppers, it can naturally draw extra footfalls. The retailers that take participate are typically not existing occupiers within the mall, and therefore get an chance to show their wares to a select shopper segment. Moreover, the pay a nominal charge for this. But, the mall administration would face the challenge of harnessing this extra footfall for the advantage of existing shops inside the mall. If this doesn't happen to a sufficient degree, the primary purpose of organizing the flea market in the first place is lost.
Again, the concept continues to be in its infancy in India. I expect that it will gain traction when initial resistance and confusion among shoppers relent sufficiently. The primary forays into this new retail segment are being done by stalwart malls such as Select City Walk in Delhi and Inorbit in Navi Mumbai. This ensures that the concept and associated culture of this retail model is being guided by the extensive data and analysis that these names bring with them. Given time, there's no doubt that the Indian flea market will become a retail force in its own right.
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