The report, launched at PRC 2023, is a compilation of some of the best insights and intelligence on 30 key high streets in India spread across 10 metros
New Delhi: The Images Group in partnership with Knight Frank India unveiled a report ‘High Streets Real Estate Outlook – Think India Think Retail 2023’, at the Phygital Retail Convention (PRC), on Thursday.
The publication encapsulates the current and future take on Indian high streets.
It is a compilation of some of the best insights and intelligence on 30 key high streets in India spread across 10 metros. These high streets are in Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, National Capital Region (NCR) and Pune.
“From being the local ‘go-to’ centres to meeting the daily shopping needs of customers, high streets have evolved over time in Tier I and Tier II cities to offer a mix of retail categories dotted with brands of different origins. Knight Frank presents the report in response to the stakeholder expectations of arriving at the market size of these significant centres of retail trade, which has been a challenge for industry participants,” wrote Shishir Baijal, chairman and managing director, Knight Frank India in the foreword.
Here are five key findings from the report:
1. After comparing the 30 high streets on the basis of different parameters like public transport, spending quotient, parking and more, the top three high streets have come out to be Mahatma Gandhi (MG Road), Bengaluru; Somajiguda, Hyderabad and Bandra West, Mumbai.
2. The high streets commanding the highest rents are not on the top of the ranking scale when various other parameters such as parking access, store visibility, public transport availability, trading densities and spending quotient are considered. As per the ranking, Khan Market and DLF Galleria in NCR have graded amongst the bottom five markets, despite their rent being amongst the highest in the country.
3. Entertainment as a retailer category that includes cinemas and family entertainment centres has trivial presence in terms of real estate occupancy on high streets but commands nearly one-fifth presence in shopping malls.
4. As of H1 2023, NCR contributes 24% of India’s total occupied modern retail arena, which is the highest across the top 8 markets. Hyderabad contributes 18% or the second highest while Bengaluru contributes 17%.
5. Although Ahmedabad’s SG Highway has the highest spending quotient amongst the 30 high streets, Ahmedabad doesn’t house any top ten high streets.
6. The layouts and master planning of the high street define the visibility. Inward-looking markets like Khan Market and DLF Galleria scored very low, whereas markets aligned along the access road like MG Road (Bengaluru), Somajiguda, Colaba Causeway, Anna Nagar, Park Street and Camac Street scored high.
7. High Available-to-promise (ATP) retail categories such as electronics, accessories and home and lifestyle have a smaller market share in markets like Connaught Place, Lower Parel, Khan Market, and Colaba Causeway. Thus, making the spending quotient low in these seemingly lucrative markets for retail brands.
The Phygital Retail Convention (PRC), India’s largest retail intelligence platform by the IMAGES Group, is being held at the Jio World Convention Centre in Mumbai on the 11th and 12th of May 2023. Presented by Inorbit Mall [s] and co-powered by Mufti and Delhivery, PRC 2023 is themed ‘Accelerating Retail @Scale For India: The Retail Megaverse’ and aims to showcase the immense promise of the world’s fifth largest economy and its most exciting retail marketplace.
With a participation of more than 250 speakers and 1000 brands and companies, and 100+ Shopping centres showcasing current and upcoming malls, there’s going to be a treasure trove of knowledge.