India's Thriving High Street Retail: A Win-Win for Investors and Real Estate Developers
Highstreet retail is revolutionizing India's urban landscape, driving economic growth and transforming consumer experiences.
High Street RetailReal EstateIndiaUrban DevelopmentConsumer ExperienceReal Estate MaharashtraAug 20, 2024
Today, at a time when India’s real estate sector is on the fast lane, highstreet retail comes to the fore as a major factor driving economic dynamism and urban energy. The government’s focus on developing smart cities and initiatives to upgrade urban infrastructure provide an environment that is conducive to the growth of highstreet retail.
Highstreet spaces in India are expected to rise significantly in the next several years, according to Cushman & Wakefield, since major developers have big projects planned leveraging their economic acceleration potential. The relationship between highstreet retail and real estate development portends well for India’s urban landscape, both in terms of local economies and consumer experience.
India’s highstreet shopping has evolved over the past several years, mostly as a result of growing value consumption and the diversification of retail concepts. Highstreets are now grand shopping destinations with a wide variety of mid-to-premium brands and landmark businesses, having grown from modest traditional marketplaces.
The appeal of highstreet retail is further enhanced by 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. These infrastructural advantages make highstreet retail a highly sought-after destination for both retailers and consumers, ensuring sustained rental growth and low vacancy rates.
Highstreet retail has shown to be incredibly resilient and has grown even during economic downturns. According to a previous study by Cushman & Wakefield that looked at market trends and utilized data to form its conclusions, India only has about 13.2 million square feet of highstreet retail space, compared to the 93 million square feet dedicated to malls.
Despite this difference, consumers may spend nearly three times as much at highstreets as they do at malls. Thus, the fact that there is a consistent and rising demand for highstreet space is not surprising, as shown by statistics released by CBRE.
Highstreets are strategically important for both modern urban growth and culture. By bringing in a sizable quantity of walk-in business, they help the local economy by enabling local businesses and individuals to grow their profits and sales. Real estate developers are progressively incorporating highstreet retail into mixed-use complexes since it increases the value of both residential and commercial buildings.
The future of highstreet retail in India looks bright because of rising consumer purchasing power and an increasing need for experiential shopping. Government attempts to construct smart cities and modernize infrastructure make highstreet shopping viable. Upscale retail experiences are more and more in demand as a result of the growing middle class and rising urbanization.
Frequently Asked Questions
What is highstreet retail?
Highstreet retail refers to the traditional shopping streets or areas in a city or town, often characterized by a mix of small, independent shops, restaurants, and services.
How is highstreet retail contributing to India's urban development?
Highstreet retail is driving economic growth, transforming consumer experiences, and providing a platform for local businesses and individuals to grow their profits and sales.
What are the key factors driving the growth of highstreet retail in India?
The key factors driving the growth of highstreet retail in India include the government's focus on developing smart cities, initiatives to upgrade urban infrastructure, and the increasing demand for experiential shopping.
How is highstreet retail different from mall-based retail?
Highstreet retail is different from mall-based retail in terms of its unique character, mix of small and large retailers, and the overall shopping experience it offers.
What is the future outlook for highstreet retail in India?
The future of highstreet retail in India looks bright, driven by rising consumer purchasing power, increasing demand for experiential shopping, and government initiatives to modernize infrastructure.
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