“Impact of New Concept Retail Stores on Consumer Buying Psychology in India”

Abstract

Indian retail industry is making rapid strides exhibiting considerable adaptations in customer shopping experience by moving from conventional methods to digitally innovative retail stores. Maximum population in India is either millennials or generation Z that are hypercognitive, integrated with virtual and offline shopping experiences. Considering these statistical facts, major retail giants like Lifestyle by Landmark in DLF Mall of India, Noida and Central by Futuregroup in Aerocity, Delhi introduced new concept stores by 2016. Initially, a drift in consumer behavior was evident as new concept retail stores prompted change in their psychology. This research is the study of- Impact of new concept retail stores on consumer buying psychology in India. An exploratory researchis conducted in the form of questionnaire. The results indicate that visual merchandising in new concept stores have influenced customers on a subconscious level with an urge to explore what is new in the market.