The trend of shopping in Pakistan is increasing keeping in view the dire needs of entertainment in the country. With the advancement in the fashion industry, shopping malls in Pakistan and other flagship stores are burgeoning up across several cosmopolitan and other confined cities. The malls are appealing to potential audiences due to their unique features such as; providing convenience in shopping, several different cuisines, family entertainment that includes kids play area and cinemas, and various other amenities.
This increased demand in shopping malls has triggered several industries to integrate in the organized retail sector. Consumers are able to find anything they require from fashion items to food all under one roof. These industries are relishing the hype and experiencing profits that is eventually contributing to the economy of state.
The Economy of Pakistan
The shopping malls in Pakistan are not only helping the people by providing them opportunities to buy anything under one roof, but also they are benefitting the country’s economy. According to Pakistan’s Bureau of Statistics, Pakistan’s economy is the 24th largest in the world * in terms of purchasing power parity (PPP) with the world’s 5th largest population of over 212.2 million*.
Impact of Malls in Pakistan on Country’s Economy
The retail sector of Pakistan is one of the fastest-growing economies in the world; moreover, the economy is gradually growing with time. In the last decade, the retail market in Pakistan has enjoyed immense growth. The years 2018 to 2019 have proved to be the most significant years for the economy, where revenues in the retail sector increased by about 86%*. As the enormous growth can be observed in the retail sector over the years, it can be predicted that Pakistan will experience the phenomenon of the global village.
The increasing demand and success in the retail paradigm, the retail sector through shopping malls in Pakistan are experiencing the phase of amazing transformation. The trend of shopping malls is drastically changing the lifestyle of Pakistani consumers. The last 3-4 years have witnessed the entry of multiple organized retailers in the form of shopping malls that consist of stores, entertainment, food, and other facilities all under one roof.
Below mentioned are the impacts of malls and their contribution towards Pakistan’s economy in one way or another:
Impact of Malls in Pakistan on Employment
As the population of Pakistan is significantly growing, the need for employment is increasing rapidly. A large number of youth, including men and women, normally with age between 18 to 28 are seeking job opportunities to meet their financial needs. According to this scenario, the organized retail sector and malls of Pakistan can be proved as a great help in providing equal employment opportunities.
The expansion of shopping malls in Pakistan has provided new employment opportunities to job seekers, the retail stores in malls are now offering employment for the long-term career opportunities in the store sales, operations, customer service, management, operations, and other back and front-end roles.
These malls are providing employment opportunities, resulting in a rise in income level of people that causes overall boost in economy of Pakistan.
Impact of Malls in Pakistan on Tourism
People go on vacation to have some fun in foreign countries, and shopping is one of the great ways to keep yourself entertained. We love to try different dresses from distinct cultures and eat several delicious cuisines. Malls in any country can trigger a lot of tourists. Dubai is one of the great tourist attractions due to its skyscrapers and malls covering every corner of the country. The tourism sector helps in the development and growth of the country. Moreover, it helps in creating cultural awareness around the globe. As Malls in Pakistan are rapidly increasing, with loads of amenities, it is perceived that this will be helpful to increase tourism in the country and hence indirectly contributing to the economy.
Impact of Malls in Pakistan on Industries
A mall is a combination of several different stores that includes clothes, electronics, furniture, jewellery, handicrafts, footwear, leather and many others. One whole floor is dedicated to the food area as a food court where different delicacies from around the world are served to the visitors. The rise in demand is stimulating the industries to earn more profit. The clothing industry has enjoyed the immense increase in growth in recent years. Moreover, the food industry is enjoying rapid demand by the foodies that visit these malls. The malls have created awareness about handicrafts that are helping artisans of the country to earn and live a better life….
Impact of Malls in Pakistan on Taxation
When we talk about malls, we should be aware of the taxation that is applied to every item that has been bought from the mall. Tax cuts can help in boosting the business demand by increasing firms’ after-tax cash flow that can be used to pay dividends and increase activity by making hiring and investing more. The tax implication helps the government in improving current scenarios and take further actions in improving the condition (development) of the state.
These emerging desires are helping the overall economy of Pakistan to grow and flourish, hence the future of shopping malls in Pakistan seems to be forecasted bright.
How Upcoming Unique Malls in Pakistan is Helping Economy Grow
In order to provide people with entertainment destinations, and meeting the needs of our international visitors, there was a need for a unique mall that can offer something more than just food and shopping. The rapid demand of such Malls gave rise to the thematic piece of creations that not only acted as shopping spree but also an amusement from our hectic daily routines.
Among other such malls in all over Pakistan, a unique thematic destination, the Aquatic Mall, was introduced. The mall will be the first underwater mall in Pakistan that will provide consumers a unique shopping experience with the exotic sight of sea-life. Moreover, the mall will offer the rare dining experience with the aquatic theme mall, imagine enjoying the scrumptious sushi while the whales of deep oceans are swimming around you. The mall will contain all the local, as well as international brands to provide every required item under one roof.
Shopping malls are enabling employment opportunities to hundreds and thousands of people. If the demand for malls continues then, there will be a need of employment in various industries including food processing, textiles, apparel, technology, construction, and marketing. Thus, the unemployment rate will be decreased by a huge percentage. The malls in Pakistan can attract various international and national industries. And, the increase in overall investment in the retail sector is helping the economic growth of the country. As the malls are rapidly increasing in Pakistan, there is still a need for malls that are based on unique themes to attract tourists and the international market that would be a great help in the growth of the economy.