Oct. 24, 2009 (The Hindu Business Line) --
, a shopping mall on Inner Ring Road, Koramangala, Bangalore.
Swetha Kannan
Anjana Chandramouly
Big brands are now parking themselves in newer locations in Bangalore as lines between residential and commercial spaces blur.
With old retail streets such as Commercial Street and Brigade Road getting saturated (read congested), retailers are poaching into residential areas, which bring with them the convenience of ample space, ease of parking for customers and better visibility and a ready catchment.
The emerging retail locations include 100 Ft Road in Indiranagar, 80 Ft Road in Koramangala, and 11th Main in Jayanagar 4th Block and Banashankari Ring Road.
Old timers recollect these areas as being a walkers’ paradise with ample lung space, leafy avenues, and fewer vehicles on the roads. The only retail options were the local kirana stores. However, today these roads have transformed dramatically into major shopping streets complete with blaring vehicles, neon lights and billboards of all shapes, colours and sizes.
Mr Sandeep Trivedi, Director – Development Consultancy, Cushman & Wakefield, a global real estate services firm, says some of the compelling reasons for retailers to choose these high-streets are “anticipation of higher sale volumes, and better branding opportunities, and positioning”.
The increasing presence of high net-worth individuals and migratory population also add to their popularity among retailers.
Another advantage in these emerging locations is that the retailers get more store space than an average store, says Mr V. Govindraj, Vice-President – Integrated Retail Services, Titan Industries.
The residential retail streets also offer spaces at lesser rental values compared to Commercial Street and Brigade Road which still charge premium rents.
According to Cushman & Wakefield, the current rentals on Brigade Road is Rs 375 per sq ft, while it is Rs 250 per sq ft on Commercial Street. On Indiranagar 100 Ft Road, the rental value is Rs 125 per sq ft. In Jayanagar 4th Block 11th Main the rate Rs 200 per sq ft, and Koramangala 80 Ft Road costs Rs 100 per sq ft.
Indiranagar
Till 2005, Indiranagar was part of a large defence township with large independent houses and bungalows. Even 100 Ft Road, which is today a retail destination, was a quiet residential micro-market with storied buildings or retail outlets being a rarity.
Today, it has transformed into a well-known high-street housing prominent brands such as United Colors of Benetton, Park Avenue, Van Heusen, Wills Life Style, Nike (NYSE:NKE) and Indigo Nation.
