India's Thriving High Street Retail: A Boon for Investors and Real Estate Developers
India's high street retail spaces are on the rise, with cities like Delhi, Mumbai, Bengaluru, and Pune witnessing a surge in development. These spaces are not only driving economic growth but also providing a unique shopping experience for consumers.
High Street RetailIndiaReal EstateRetail InvestorsLuxury BrandsConsumer ExperienceReal Estate MumbaiAug 20, 2024
The government's focus on developing smart cities and upgrading urban infrastructure has created a conducive environment for high street retail growth. According to Cushman & Wakefield, high street spaces in India are expected to rise significantly in the next few years, with major developers planning big projects to leverage their economic acceleration potential.
The evolution of modern high street experience in India has been driven by growing value consumption and the diversification of retail concepts. High streets are now popular shopping destinations, accounting for around 45% of all luxury retail leases in India's top eight cities, followed by malls at 40% and independent companies at 15%, according to a recent CBRE report.
One of the key reasons luxury brands are attracted to high streets is visibility and customer engagement. Cities like Delhi, Mumbai, Bengaluru, and Pune are witnessing a surge in high street retail development, with iconic locations like Connaught Place and Kala Ghoda blending traditional charm with modern amenities.
Khan Market in Delhi has been ranked as the 22nd most expensive retail high street location globally, with monthly rents up to Rs 1,500 per square foot. Brigade Road in Bengaluru has become famous worldwide for its unique blend of high-end retail and innovative commercial spaces.
According to a JLL India report, high street retail spaces in prominent locations demonstrate greater rental growth and lower vacancy rates compared to traditional malls. This robust rental growth is bolstered by the desirability of these locations, attracting consistent foot traffic and ensuring higher occupancy.
Golf Course Extension in Gurgaon is a prime example of a high street retail space that's driving growth and development in the region. With its unparalleled connectivity, including the Southern Peripheral Road (SPR), Delhi-Mumbai Industrial Corridor (DMIC), Delhi-Jaipur Highway, Faridabad, Sohna Elevated Road, and the upcoming Rapid Metro connectivity, Golf Course Extension has become a highly sought-after destination for both retailers and consumers.
Frequently Asked Questions
What is driving the growth of high street retail in India?
The growth of high street retail in India is driven by the government's focus on developing smart cities and upgrading urban infrastructure, as well as the increasing demand for experiential shopping and luxury retail experiences.
Which cities are witnessing a surge in high street retail development in India?
Cities like Delhi, Mumbai, Bengaluru, and Pune are witnessing a surge in high street retail development in India.
What is the advantage of high street retail spaces in prominent locations?
High street retail spaces in prominent locations demonstrate greater rental growth and lower vacancy rates compared to traditional malls.
What is the future outlook for high street retail in India?
The future of high street retail in India looks bright, driven by rising consumer purchasing power and an increasing need for experiential shopping.
What are the challenges faced by high street retailers in India?
High street retailers in India face challenges such as e-commerce platform rivalry and pricey real estate in sought-after locations.
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