Retail high on the high streets

The retail diversity on leading high streets of India is now a crowd puller. Serious buyers now visit these markets...

The retail diversity on leading high streets of India is now a crowd puller. Serious buyers now visit these markets for quality shopping experience. The leading high streets of India like Connaught Place or Khan Market in Delhi and Linking Road, Colaba or Bench Candy of Mumbai now have both domestic and international brands. According to a study more than 50 per cent of the top 30 brands having high rate of penetration are of international brands while rest are domestic ones. The rentals as well as the capital values of the shops on high streets across markets of Delhi and Mumbai are now touching international levels.

According to a recent survey done by Jones Lange La Salle-Meghraj, Leading High Streets of India 8211; Embracing Change, top rung India8217;s shopping streets are steadily making it to the most expensive high streets of the world. Shubhranshu Pani, managing director, Retail- Jones Lange La Salle-Meghraj says, 8220;High streets in particular enhance the retail appeal and attractiveness of a brand. Malls on the other hand, enhance the overall shopping experience for any brand. But the ability and willingness of the buyers to spend and the catchment area are some of the key factors for the growth of these high streets.8221;

On the question of why high streets in India are now showing up on the world map, Pani says, 8220;Malls in India are taking time to establish themselves as a one-stop destination. Also, the construction of a mall takes time. Moreover, usually high-end malls come up in some distant suburb or off-prime locations. But high streets do not have that kind of customized environments. Developments are in the pipeline. Major developers are still in the process of construction.

According to the survey, high streets across Kolkata, Pune, Bangalore, Hyderabad and Chennai are also catching up fast with the trend.

A major retailer of an international apparel brand at Connaught place says, 8220;High streets are easily accessible. We usually have our loyal customers who visit us because of our credibility.8221; A Delhi-based real estate consultant says, 8220;The rentals and the capital values in a mall are almost similar to those on a high street. But high streets have no problems of footfalls or conversion ratio. They always witness good sale.8221;

Street smart

8226;High streets score big on the accessibility factor. They usually have loyal customers who visit because of the shops8217; credibility

8226;Usually high-end malls come up in a suburb or off-prime locations. But high streets do not have customised environments

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8226;High streets across Kolkata, Pune, Bangalore, Hyderabad and Chennai are fast catching up with the national trend