At a time when India’s retail real estate landscape is undergoing a structural transformation, scale alone is no longer the defining metric of success. From 1 lakh sq. ft. neighbourhood centres to million sq. ft. destination assets, the sector has recalibrated both in ambition and intent — shaped by evolving consumer behaviour, rising spending power, and the growing demand for experience-led environments.
In this exclusive interaction with Nandini Taneja, CEO, Bhumika Enterprises, emphasises that retail assets must be envisioned as living ecosystems rather than static structures. She also shares insights on experience-driven retail, emerging high-growth micro-markets, the rising importance of ESG alignment, and how institutional-grade asset management is redefining the long-term value of retail developments in India.
Q1. You are leading Bhumika Enterprises at a time when retail real estate is evolving rapidly. What has your leadership journey been like so far?
Retail real estate has undergone a fundamental recalibration in both scale and intent. The sector has progressed from predominantly 1 lac sq ft to 1 million sq ft assets, with scale determined by market maturity, catchment strength, and evolving consumption capacity. This shift has been accompanied by a clear change in spending power and consumer behaviour, necessitating a more sophisticated approach to retail planning. Contemporary retail centres are now defined by diversified tenant mixes, F&B distributed across multiple levels, experience-led formats, flexible pop-up spaces, and increasing integration of technology from try-and-buy concepts to AI-enabled tools that enhance both engagement and efficiency.
Operating within this context, my journey has been deeply rooted in understanding assets beyond their physical form and seeing them as living ecosystems. Having spent over two decades across consulting, leasing, and asset strategy, I’ve learned that strong real estate leadership is about foresight and adaptability. At Bhumika Enterprises, the transition has been both exciting and purposeful. We are operating in a dynamic retail environment, and my focus has been on building resilient, future-ready assets while staying grounded in market realities. It’s been about balancing strategic intent with on-ground execution, and fostering a culture that values long-term value creation over short-term gains.
Q2. How important is experience-driven retail in today’s consumer environment?
Experience-driven retail is now intrinsic to the viability of physical retail assets. The contemporary consumer is not only informed but acutely selective, engaging with spaces that offer relevance, depth, and emotional resonance. Retail spaces must therefore deliver a differentiated value proposition, rooted in sensory engagement, curated environments, and human interaction that digital channels cannot replicate. This shift has fundamentally altered how malls are conceived and managed. Retail assets today demand proactive asset management, continuous programming, and calibrated tenant strategies to sustain footfalls and monetisation. At Bhumika Enterprises, we perceive experience as an operational strategy integrated across planning, leasing, and long-term mall management, and ensuring our assets function as dynamic destinations rather than static retail formats.
Q3. What is Bhumika Enterprises’ vision when it comes to developing retail and mixed-use destinations?
Our vision is anchored in the creation of enduring urban assets that combine commercial strength with long-term adaptability. We approach retail and mixed-use developments not as isolated real estate products, but as integrated ecosystems designed to evolve alongside their catchments. The emphasis is on disciplined planning where retail, leisure, workspaces, and community infrastructure are interwoven with clarity of purpose. Design flexibility, institutional-grade asset management, and data-driven tenant curation are central to this philosophy. The objective is not to respond to transient market trends, but to build destinations that demonstrate sustained relevance across economic cycles and shifting consumer behaviours.
Q4. What role do entertainment, F&B, and community spaces play in modern retail developments?
Entertainment, F&B, and community spaces have become the experiential spine of contemporary retail developments. In the current market environment, F&B in particular has emerged as the most scalable demand driver, reflecting a broader shift towards social consumption and experience-led spending. Curated dining precincts, destination-led food formats, and café culture now anchor footfall, extend dwell time, and shape the identity of retail assets. Entertainment and adaptable community spaces complement this by reinforcing social engagement and habitual visitation. At Bhumika Enterprises, these components are embedded as core asset drivers, planned with equal rigor as retail leasing, because their performance directly influences both consumer engagement and long-term asset value.
Q5. Which cities or micro-markets do you believe hold the most potential for retail growth?
The next phase of retail expansion is being defined by select Tier II cities and emerging urban corridors, alongside strategically located micro-markets within mature metros such as NCR. Markets benefiting from sustained infrastructure investment, demographic expansion, and rising discretionary incomes are demonstrating a clear appetite for organised retail. Within metros, peripheral yet well-connected residential clusters are increasingly capable of supporting destination-grade retail. Success in these markets, however, hinges on a granular understanding of local consumption behaviour rather than replicating metropolitan formats. Locations that combine density, accessibility, and aspirational demand will continue to deliver superior performance.
Q6. Do you see consumers and brands becoming more conscious about environmentally responsible spaces?
Absolutely. Sustainability is increasingly shaping decision-making across the retail value chain. Environmental responsibility is no longer positioned as an ethical add-on, but as a strategic imperative influencing both brand alignment and consumer preference. Retailers today actively seek assets that reflect their ESG priorities, while consumers are more discerning about the environmental footprint of the spaces they inhabit. This evolution is compelling developers to adopt efficient building systems, responsible material choices, and long-term operational sustainability. At Bhumika Enterprises, sustainability is integrated into asset strategy as a value-enhancing lever—driving operational efficiency, strengthening brand partnerships, and reinforcing long-term asset resilience.
