Shoppers Stop: Time the next retail currency

Opening

Shoppers Stop CEO Kavindra Mishra said that by 2047, time will become one of retail’s most valuable currencies. He made the point at the inaugural panel, “Experience as Currency: What Will Consumers Pay For in 2047?”, held on August 26-27 at the Conrad in Bengaluru. The discussion, part of the 4th ETRetail ShopFWD Summit 2026, was anchored in the theme “The Experience Economy Playbook” and drew leaders from Shoppers Stop, Nykaa Fashion, Nalli Silks, Forum Malls and ABLBL.

Panelists and Theme

The panel featured Mishra, Abhijeet Dabas (CEO, Nykaa Fashion), Lavanya Nalli (Vice Chairperson, Nalli Silks), and Muhammad Ali (CEO, Forum Malls, Prestige Group). Vishak Kumar, CEO of ABLBL, moderated. The speakers agreed that discretionary spending will continue to be driven by self-expression, recognition and memory-making rather than mere functional need. They argued that the core of future retail lies in delivering experiences that make consumers feel better about themselves.

Personalisation and Time

Mishra traced fashion retail’s evolution back to a constant consumer need: self-esteem and self-expression. He noted that personal shoppers now make up about 3 per cent of Shoppers Stop’s employees but contribute 26 per cent of its business. The opportunity, he said, is to expand that role, enabling more staff to understand individual needs instead of merely facilitating transactions. He also projected that by 2030, stores could operate with smaller teams, supported by technology, while remaining employees focus on personalised engagement.

Dabas added that e-commerce has moved from convenience to discounting and now to experience. He warned that discount-centric models are no longer sustainable and that the next battleground is how online platforms can enrich discovery, selection and engagement without sacrificing convenience. He also noted that the rigid split between digital and physical retail is fading, as consumers now use multiple touchpoints.

Privacy and Trust

Both panelists highlighted privacy as a constraint on personalization. Dabas said younger shoppers demand responsible data handling and will abandon platforms that overstep. He stressed that personalization must feel like a respectful human interaction: ask permission, explain the purpose and allow refusal. Mishra agreed that younger consumers are less forgiving of data mishandling, making privacy a core part of the consumer proposition.

Trust, Mishra cautioned, cannot be monetised at the cost of reputation. He described trust as built through repeated customer interactions and everyday “moments of truth.” Retailers must maintain consistency across people, technology, brands and partners, especially as consumers face algorithmic recommendations and conflicting information.

Malls and Generational Experience

Ali described how malls have shifted from selling convenience to selling time. He said that malls now invest heavily in live performances, a move unimaginable two decades ago, because entertainment and engagement drive visits. By 2047, he expects competition to become fundamentally about time. If a family spends three hours at a shopping centre, the destination must ensure those hours feel “time well spent.” Malls will compete not only with other centres but with streaming, social platforms, restaurants, travel and social interaction.

Ali also noted that physical destinations will host multiple generations simultaneously. Malls must identify enduring human motivations rather than designing entire experiences for a single age group.

Concrete Detail

Mishra said personal shoppers account for about 3 per cent of the company’s employees but contribute 26 per cent of its business.