Despite mall boom, high streets to stay:Jones Lang LaSalle Meghraj
By Riti, Section Mall Culture in Gurgaon
Posted on Sun Aug 24, 2008 at 10:14:45 PM EST
Despite the mushrooming of malls and multiplexes across the country, `high streets' or traditional shopping streets in India are here to stay. These streets cannot be replaced with malls or multiplexes in India but can complement each other in the growth, said Jones Lang LaSalle Meghraj in its latest survey conducted across 21 major `high streets' out of seven major cities of Delhi, Mumbai, Chennai, Kolkatta, Hyderabad, Bengaluru and Pune.
The survey, which was unveiled at a function in Chennai recently, pointed out that `high streets', bazaars and local markets have been a way of life in India. Given their unique combination of ease of accessibility, good locations, established retail base, critical mass, variety, legacy and charm, these streets and bazaars have been at the forefront of retail boom.
These streets have been demonstrating their resilient nature in continuously attracting its loyal customers as well as adding new customers into their fold. Senior officials of the company, including its Indian head Anuj Puri were present at the function.
In all its history since the ancient days, `high streets' have embraced growth while demonstrating the uncanny ability to march with the changing retail trends of its time.
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India's shopping streets have had a prominent position in the country's retail offerings over the decades. The survery said these shopping streets would maintain their unique position in the future.
Moreover, with the possibility of shopping street revitalisation becoming an increasing reality across all the markets in coming years, the retail pitch of high streets is expected to be enhanced in the future thereby allowing for the inclusive growth of retail along these prime corridors in Indian cities, the survey highlighted.
Later, explaining in detail, a senior official of the company, said that `high streets' help double up the bill boards, phenomenal branding offerings and better visibility. Except in Delhi and Mumbai, these high streets offer rental space at most competitive rates to attract more retailers. "These streets offer best of both worlds", the official said.
What the retailers and shop owners require to do is to track crime and anti-social elements, making the streets as safe place for regular outing, help in reviving the local economy and improving the street environment, the official pointed out.
Source:Financial Express August25th,2008.
