The Indian high street retail scene is undergoing a substantial transformation, driven by major developers and strategic projects. Let’s delve into the key developments shaping this exciting phase.
Developers’ Ascent: Three Million Square Feet on the Horizon
Major players like DLF, M3M, Omaxe, Group 108, and Dhillon Group are gearing up to unleash an impressive three million square feet of retail projects within the next 2-3 years. M3M’s recent announcement of a luxury high street retail and ‘Pentsuites’ in Noida exemplifies this trend.
High Street vs. Malls: The Demand Dilemma
While malls dominate the retail space with 93 million sq ft, high streets lag at 13.2 million sq ft, prompting a surge in demand. Cushman & Wakefield’s data underscores that high street locations offer nearly three times the consumption potential compared to malls.
Spotlight on Chandigarh: Dhillon Group’s Vision
Dhillon Group’s owner, Karan Dhillon, acknowledges the gap in modern organized high streets in India. In response, the group strategically introduced high street retail in Chandigarh, attracting major brands like Uniqlo, Starbucks, Decathlon, and McDonald’s.
DLF’s Foray: Gurgaon’s High Street Market
DLF, India’s real estate giant, has ventured into high street retail with a commercial plotted development in Gurgaon, aiming to replicate the success of DLF Galleria. The project spans 8.69 acres and is poised to set new rental benchmarks in the region.
Hybrid Model Resurgence: Omaxe Group’s Perspective
Omaxe Group’s Managing Director, Mohit Goel, attributes the surge in high-street demand to the renewed interest in a hybrid model. This model seamlessly integrates offices, retail spaces, recreational facilities, and food zones into a unified structure, garnering positive feedback from tenants and investors.
Rental Dynamics: High Streets Outshine Malls
Delhi’s Khan Market recently achieved a record high rental of Rs 1,600 per sq ft per month, nearly double the costliest retail location in Mumbai and four times that of Bengaluru. This underscores the premium rental potential of prominent high streets compared to malls.
Brands on the Move: Fashion and F&B Sector Exploration
Brands, particularly in the fashion and food & beverage sectors, are actively seeking spaces in prominent high street locations. Titan’s recent lease of 18,000 sq ft at Delhi’s South Extension serves as a notable example.
Flexibility and Adaptability: The High Street Advantage
Amish Bhutani, Managing Director of Group 108, emphasizes the adaptability and flexibility of high-street projects. With retail spaces at lower levels and seamlessly integrated office spaces, high streets offer a sound business proposition.
Conclusion: A Resurgent High Street Retail Sector
In conclusion, the Indian high street retail sector is on the brink of a major resurgence. Developers’ initiatives, the hybrid model’s popularity, and the inherent advantages of high streets position them as a compelling choice in the dynamic real estate landscape.
Read more about Marketing News, Advertising News, PR and Finance News, Digital News.
