Amidst the increasing number of ghost shopping malls in the country, theres positive news surrounding the high street malls. High street malls are becoming a favored destination for retailers due to the rapid opening of new stores. Recently released data from Knight Frank states that high street malls earned an average of INR 30,893 per square foot in 2023. The potential consumption in 58 high street malls across 29 cities is estimated to exceed INR 2500 crores. Potential consumption per square meter in high streets is 238% higher than operation shopping centres in 29 cities, mainly due to high commercial density in some categories that only perform better in high street malls.
Spectrum Metro, Noida
Large shopping malls, with an area of over five lakh square feet, are not without their challenges. The number of vacant shops there has seen a modest increase of five percent. However, high-street malls are making their mark in retail, contributing 29% to the sector. Their unique offerings and vibrant atmosphere are drawing in retailers and customers alike. Food and beverages follow closely with an 18% contribution.
Mr. Ajendra Singh, Vice President at Spectrum@Metro stated, “High-street malls are an important aspect of urban life, often preferred by traditional buyers. Many retail high-street locations are now making substantial efforts towards urban revitalization, especially in tier 1 cities. In the future, new infrastructure will further strengthen the revival of major high-street malls and enhance the major locations.”
Moreover, a commercial high street is a key component of a successful business, and it’s increasingly popular among retail businesses looking to expand or relocate. There are many benefits of commercial high streets over shopping malls. The first thing that comes to mind when considering investing in a commercial high street is its ability to attract more customers and increase profits for your business. Regarding infrastructure, commercial high street comprises multiple entry and exit points, providing easy access to visitors within the high street. This can be seen by comparing shopping malls with commercial high streets. While both offer similar services, such as retail stores and restaurants, but with different layouts, commercial high streets allow more footfall per square foot than their counterparts.
Another important factor is that commercial high streets are becoming increasingly popular because of their low-maintenance nature, as shopping malls close and are threatened by rising rent. While many people may think of high streets as a place for local shops, they can also be used by businesses looking to attract customers. Hence, the main benefit of commercial high streets is that they offer more choices than shopping malls. Visitors can explore endless options from smaller to bigger brands under one roof and have more options when making purchase decisions (or browsing). Not only does this help ensure that each customer gets exactly what they want, but it also helps ensure that all parties involved get what they need from these premises-whether it’s convenience or value for money.
Furthermore, businesses can access a wide range of customers in a small area on commercial high streets. This is because many different types of businesses can be found on-site. The accessibility of these services means you can reach out to customers who may not usually visit your store or service them in ways they wouldn’t normally consider. This means that if you have a shop on a high street, more people will walk past it than in a shopping mall or out-of-town retail outlet. This means that when someone sees their favourite brand on display at one of these locations, they’ll want to stop by for a quick look around!
In addition, commercial high streets are also close to transport links, making it easier for customers to reach by car or public transport. The commercial high street also has more parking spaces than shopping malls, so if you have many customers coming into your store, then parking can be more accessible for them.
Thus, the success of high-street is exponentially increasing with urban trends. As infrastructure developments continue to support these commercial hubs, high-street malls are set to play an increasingly vital role in the retail sector. They provide a unique blend of traditional shopping experiences and modern conveniences, ensuring they remain attractive for retailers and consumers.