India’s Growing High Street Retail: A win-win for retail investors and real estate developers
With its rich history and contemporary growth, highstreet retail is playing a bigger and bigger role in India’s urban environment.
Historically, bustling highstreets have been the host to a multitude of small, scattered boutiques managed by independent designers, family-owned companies, and street vendors. 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.
now grand shopping destinations with a wide variety of mid-to-premium brands and landmark businesses, having grown from modest traditional marketplaces. In India’s top eight cities, highstreets accounted for around 45% of all luxury retail leases, followed by malls at 40% and independent companies at 15%, according to a recent CBRE report.
There has been a recent surge in the development of highstreet retail spaces in cities like Delhi, Mumbai, Bengaluru, and Pune. Quintessential example of modern highstreet spaces include, Delhi’s Connaught Place and Bombay’s Kala Ghoda, which blend the quirks of antiquity with the conveniences of contemporary life.
Khan Market in Delhi has been ranked as the 22nd most expensive retail highstreet location globally, with monthly rents up to Rs 1,500 per square foot. Brigade Road in Bengaluru has become famous worldwide for attracting a myriad of tourists with its inimitable blend of high-end retail and innovative commercial spaces.
Source: Financial express
