Mantri Developers' CSO Kamakshi Mantri Discusses AI, Hybrid Models, and Retail Trends
📝Interviews
In this exclusive interview, StartupTalky connected with Ms. Kamakshi Mantri, Chief Strategy Officer at Mantri Developers Pvt. Ltd. With her expertise in retail, commercial, and hospitality sectors, she shares insights into their innovative approaches to boosting retail business at Mantri Square Mall. She also discusses their use of AI for personalised experiences and future trends in the industry. From the rise of hybrid shopping models to the integration of entertainment hubs, Mantri gives us a glimpse into how malls are evolving to meet changing consumer expectations.
StartupTalky: How are you planning to increase malls’ retail business?
Ms. Mantri: At Mantri Malls, we have always valued our partnerships with retailers and work to support them through various initiatives, some of which include providing them with marketing support, hosting joint promotional events, and offering incentives to encourage innovative retail concepts.
We also introduced “Shop & Earn”, and give out assured gifts to every shopper, something which very few malls do at their own cost. This encourages the shopper to spend more, as the more you spend, the better gifts you qualify for as per the slabs. By fostering a collaborative environment, we aim to help our retail partners succeed and, in turn, boost the overall retail business at the mall.
StartupTalky: How are AI and data analytics helping the retail industry to grow?
Ms. Mantri: We have around 300+ brands associated with us across our 3 retail properties, and we are leveraging advanced technology and data analytics to understand customer preferences and tailor our offerings accordingly. By analysing shopping patterns and customer feedback, we can curate a more personalized shopping experience.
AI is transforming our marketing strategies by enabling more effective targeting and engagement. Through AI analytics, we can gain deeper insights into customer behaviour and preferences, allowing us to create more impactful marketing campaigns. AI also helps in drafting marketing collaterals – such as newsletters, emailers, creative ideas, etc. We have invested in advanced analytics to better understand our customers and optimize our offerings to meet their needs.
Muskaan Kapoor
StartupTalky: What key market trends do you foresee shaping the retail estate industry in the next 3-5 years?
Ms. Mantri: The biggest trend that has been seen since COVID-19 is most of the new brands now launch online first, and if they have a successful run, then they expand to opening physical stores. Previously, the trend was reversed. This trend has helped us as mall management in leasing, as when someone approaches us, we can offer space to those who are doing well in the online market as it is a calculated risk for them since they would have already acquired a good target market.
We have brands who have chosen to open their first offline stores with us, such as DaMENSCH, and others such as The Souled Store, Mamaearth, Sugar, etc. who are having a successful run in the offline industry, after having proven their following online. Our footfall and their target market help us achieve the goal which is a win-win situation for both.
The second trend is the F&B category and entertainment now claims a bigger share as a category in every mall – for a mall to provide an improved experience along with shopping. Malls are no longer seen as just “shopping centres” but also as entertainment hubs.
Keeping in line with this strategy, we welcomed our first nightclub & also one of Bengaluru’s largest, Sunburn Union at Mantri Avenue, spread over 30,000 sq ft. which is also Bengaluru’s first sunburn club. It received a roaring response from partygoers and youngsters alike.
We also welcomed Awesome Place, spread over 11,000 sq ft at Mantri Square, where toddlers and children can have fun with secured assistance and guidance. We are committed to creating immersive environments that combine entertainment, dining, and interactive activities. This trend will continue to shape the retail estate industry as malls evolve into social and lifestyle hubs.
As consumer preferences evolve, flexibility and adaptability in retail spaces will be crucial. We expect to see more modular and multifunctional spaces that can quickly adapt to changing trends and tenant needs. We are committed to creating dynamic spaces that can accommodate pop-up stores, seasonal events, and new retail concepts, ensuring we stay relevant and attractive to both retailers and customers.
Sustainability is becoming a key focus for the retail estate industry. In the coming years, we foresee a growing emphasis on eco-friendly practices, such as energy-efficient building designs, waste reduction, and sustainable sourcing. We are dedicated to implementing green initiatives that not only reduce our environmental footprint but also appeal to the environmentally conscious consumer.
StartupTalky: What tools and platforms do you find helpful for increasing footfall and execution processes?
Increasing footfall can be achieved through events, concerts, workshops, and classes. However, to stay competitive in the industry, leveraging tools and platforms is essential. Influencer marketing, offer promotions, loyalty programs, online presence, social media engagement, etc are the best and most helpful strategies to increase or rather bring maximum footfall.
StartupTalky: How do you strategise marketing efforts across the retail sectors at Mantri Developers, considering their unique challenges?
Identify the consumer, based on the customer surveys to understand the customers' needs and the retailers' wants. We bridge the gap in understanding what the current footfall wants in shopping and vice versa, by bringing in brands that will help in the increase of the footfall of the mall.
We are constantly conducting CSI (Customer Survey Index) & RSI (Retailer Survey Index) at ground levels to understand what is working and what is not. We believe in fostering strong connections with our community by organising community events – such as yoga/fitness workshops, concerts, dance classes, interactive programmes, movie launches by celebrities, etc.
StartupTalky: What opportunities do you see for growth and innovation in the near future in the retail sector?
From a retail point of view, the Hybrid model is the next big thing - which makes the most of combining online & offline shopping. A lot of apps have tried it and we are yet to see who would emerge as the market leader. Quick commerce such as Swiggy Instamart has launched Malls as a part of their app in the quick delivery feature which is another exciting development.
StartupTalky: How do you measure the success of your strategic initiatives, and what key performance indicators (KPIs) or metrics do you use to track the progress of your strategic goals?
We have identified a few KPIs to measure the performance of our malls. First is Footfall, which indicates how many people are visiting the mall. Second, the leasing rates – the higher the rate goes the more the demand for the space, which signifies that retailers want to do business in your mall. Third, Trading Density – which is the sales per sqft a brand is clocking in, how many low performers are there, and what support can be given to improve them. And final and most important is the customer & retailer survey index (CSI & RSI) – to understand what our shoppers & retailers feel about our services, and what initiatives are working vs what should be discontinued.
Arbaz Sayed
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